My wife and I are younger -- I'm 26 and she is 27. We both have good, safe jobs. Combined gross annual income (pre-tax) is a little over $90,000 per year. Debts are around $20k. I have a car loan that is at $13k at 0.9% interest, so monthly payment on that is around $250. My wife has a personal loan around $8k at 6% from consolidating credit card debt awhile back. She's doing great chipping away at it! That's pretty much it for our monthly obligations, besides regular cell phone bill ($50), and utilities in our apartment.
Realistically - how much house should we afford? It would be our first house, but we aren't looking for a fixer-upper, as we have no idea how to do anything like that. We have enough for a downpayment, but we'd pay PMI. Credit scores are above 800.
I really want to get into a house soon before interest rates go up, plus I want to start building equity rather than the opportunity cost of using my money for rent. This year as been all about extinguishing debt -- my college loans are paid off and I paid off my older car -- until someone crashed into me and totaled it. :(
Thanks for your help! We eventually will be looking to start a family -- somewhere within a year or so we're figuring.
Submitted November 13, 2017 at 04:33AM by mrofx2 http://ift.tt/2i9z4Ol
