Hi all, I recently bought a house in California. It's a new neighborhood and the taxes are extremely high. Already signed and put in my deposit, but since it's a new home it won't be ready for a couple more months.
Been nervous and had a bad feeling about my situation. Could use some honest advice, as I feel I am going into this completely alone. For background, I am a single 26 year old male.
Housing cost: $788,000 ($732k base, the rest is upgrades)
Down payment: $160,000
Loan amount: $630,000
Monthly payment came out to $4,592 after HOA fees and mella roos tax factored in. I understand that's extremely high, but the area is really nice and my house's value has already gone up to $818,000 (w/o upgrades!) in today's market.
Will have ~$19k in savings after all is said and done.
Been at my current job for around a year, $145k base with TC $200k
About $20k in Roth IRA and about $20k in 401k
I feel I'm stretching my budget thin. Only other debt is my car which is $430 a month and will be paid off in a year. I have a quote for ~$60 a month for homeowners insurance, and I'm thinking utilities + food will be $1000. Any tips here how to proceed? If I pull out I will likely lose $15k in deposit money.
Thank you so much in advance.
Submitted July 14, 2021 at 09:35PM by Shwigly https://ift.tt/3endu5Q
