At least in CA where the property tax is 1%, last time I fed the info into one of those calculators a few months ago, a 1.2m house (exactly the type you describe) with a standard 20% down-payment would run closer to $8k/mo with good credit. That includes property tax and homeowners insurance, which is required to get a loan.
So yeah, that doesn’t leave a whole lot to live off of.
At least in CA where the property tax is 1%, last time I fed the info into one of those calculators a few months ago, a 1.2m house (exactly the type you describe) with a standard 20% down-payment would run closer to $8k/mo with good credit. That includes property tax and homeowners insurance, which is required to get a loan.
So yeah, that doesn’t leave a whole lot to live off of.
There’s also the upkeep cost for repairs and to renovate.