I make just over $80,000 per year and never in a million years would have expected that I could afford to pay a $550,000 mortgage with it.
When my wife and I got married, we were making around $40K combined and wanted to buy a $100,000 house. I knew I could make the payments because of my spending habits, but they wouldn't even qualify us to get the house EVEN with 20% down!!
And now I'm expected to pay for these friggin' losers! WHAT A CROCK OF CRAP!!
You need to make ~$205,000 annually with the facts given, i.e. no payments other than house and $10,000 per year for private school. Thats a 36% back end ratio payment of 3300 per month.