<prompt> Human: My wife and I are planning on selling our condo for around 600K to move in to a 3M home. I make an annual salary of 270K, planning to increase that to 300k in a few years. We can afford a 800,000 down payment on the home by selling the condo. I never owned a home before but the realtor told me it would be 70,000 year to pay it off. Do you think this would be affordable to us?  <response>: Do the math, 70k year is not remotely enough to pay off this loan. Even assuming no interest, no taxes, and no insurance its 75kyr over a 30 year loan. But once you include those expenses it will be more like 160k. You will need to do that math about your specific situation taking into account local property tax rates, etc. Plus dont forget maintenance, increased utility costs, HOA if applicable.Also, your realtor is an idiot. 