I am 29. I have about $600k in Inherited IRAs, and $550k invested in separate property account in the stock market, but no retirement. However, my partner has almost $100k in retirement, and thats really his only net-worth. We just signed purchase agreement on $758k home. The builders' mortgage company is offering us a 6.625 interest rate, or 6.375 with a $5k buydown, or 5.99k for a $10k buydown. I originally wanted to stay around $200k down or $250k, but with the higher interest rates I think we could only really afford the mortgage with our employment income by putting down around $260k-$400k down. With the buy downs, we would be able to put down $15k less spending the $5k on the 6.375 rate, or $30k less using the $10k buy down to 5.99...for that same payment at the 6.625 rate.
My partner and I only have $5k in CC debt, as well as $22k debt on a vehicle, but only maybe $15k in cash/personal savings not invested. We only make about $10k a month after taxes; our P/I and property tax would be at the least $3350 even putting down the $400k at the 6.625 rate. What is a safe amount to put into a hard asset at this age and just starting out? Especially with these high rates and our monthly income? Thank you in advance!!
Submitted April 26, 2024 at 01:59AM by Princess_peachy69 https://ift.tt/M152F9j
