That would about work out to the numbers in my example - a 280k loan. You're right. It doesn't add up. I make a bit over 60k, (but under 100k) and looking at what my own non-housing expenses are as a single man who doesn't drink much or "go out" often and doesn't live that lavishly, I couldn't imagine even going $280,000 on a mortgage loan myself, let alone if I had a wife and three kids to support.