Don't blame me for not being exact on the numbers. Just to give you some ideas.
Say you have a $450k house with $400 outstanding loan. 30yr @5.75
$150k gross income
-$12k SS taxes
-$20k 401k max-out
-$28k mortgage
-$24k childcare
-$20k IRS tax (your estimated tax base is about $90k with itemized deductions)
-$10k state + local taxes--don't know where you are, could be more.
---------------
$36k
Can you manage to pay all the bills with a $3k /month budget?( that covers everything, utilities, car expenses including depreciations, travel, health..).
If you are more optimistic about the housing market, you can reduce the retirement contribution.
Say you have a $450k house with $400 outstanding loan. 30yr @5.75
$150k gross income
-$12k SS taxes
-$20k 401k max-out
-$28k mortgage
-$24k childcare
-$20k IRS tax (your estimated tax base is about $90k with itemized deductions)
-$10k state + local taxes--don't know where you are, could be more.
---------------
$36k
Can you manage to pay all the bills with a $3k /month budget?( that covers everything, utilities, car expenses including depreciations, travel, health..).
If you are more optimistic about the housing market, you can reduce the retirement contribution.