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Based on the information you have told me, you would be able to afford a house for $380,000 - as you will have more than enough for a decent down payment.
I would put the entire amount of the sale of your current home into the purchase of the new home.
I would say that you are most definitely NOT crazy.
It's a very reasonable endeavor
Well thank you. My wife will be happy to see your answer. I'm just a little nervous about doing it. I'm a pretty conservative guy. I currently put 23% in my 401k & I worry about taxes & insurance on that value of property
Well, depending on your area insurance should be between $1,200 and $2,000 a year or so - I don't know about property taxes, but with your income you could afford several hundred dollars a month. Plus, the real estate taxes and interest on the mortgage loan are tax deductible.
so you will get some savings off the back end, if your interest and taxes are more than the standard deduction
You could have the home paid for in no time, if you wanted to aggressively pay down your mortgage debt
Thanks very much
You're welcome. Do you need anything else additional?