I am aware that this question has been asked many times before but I am hoping for some insight into my specific situation:
Myself (31) and my wife (31) are starting to look at houses in the North Bay Area where the median house price is approx 650k. We are looking at houses around 500k +/- which is as cheap as you can go unless you want a total dump or to live in a sketchy neighborhood. We make 140k combined gross salary. This translates to about 7700/month after taxes/401k/etc.
Right now we are paying 1800 in rent and are able to save about 3200/month. We have about 20k to our names and my mother in law has offered us 50k that would be a down payment for us and an real estate investment for her (she would own 10% of the house until we could buy her out). So we would be able to put down 10% plus closing costs (total of about 61k).
Depending on the price of the home we find the total payment would be around 3100/month. This would decrease our savings per month from 3200 to 1900.
Does this all sound doable or should we just keep saving?
Let me know if you need any more details about our income/budget/410k or anything else. Thank you for your responses, I appreciate anyone taking time out of their day to help a stranger out!
Edit 1: I thought it would be worth mentioning that I have 28k in student loan debt with interests ranging from 3.2 to 6.5 percent. This is our only debt and it is currently set on an"extended graduated repayment plan" which means I am basically paying the interest every month so it doesn't increase but doesn't decrease that much either.
Submitted May 30, 2018 at 11:17AM by bayareathrowaway5678 https://ift.tt/2xucg5U
