I’m gonna start looking at houses this fall when my savings will be at $70k. My plan is to do $45k down, closing costs estimates are $5k-$8k, and 3% to a realtor at the top of my budget will be $7.5k for a total of ~$60k up front.
My plan was to keep the extra $10k in my savings so I’m not totally screwed if something unexpected happens, but I do have an additional $12k in credit cards available that’s unused right now. I also have a 780 credit score I could probably get another credit card if shit really hit the fan.
How much should I really keep aside after house costs in my savings? Is $10k more than necessary? I would like monthly payments to be as small as possible, so would it be smarter to put another $6k-$7k into the down payment, knowing I have credit to fall back on?
For reference my monthly take home is $4,000 and all my living expenses/payments will add up to about ~$2,800 leaving me with a little over a thousand left each month. My job also offers a lot of overtime which can push my take home north of 6k a month, should I need it.
Submitted July 28, 2023 at 01:13AM by UFOtrevor https://ift.tt/kIPHJy3
