I am hoping to relieve some stress and gain perspective from people who have gone through this before.
My wife and I are planning on buying a house that is under contract for $405,000 and we are putting 20% down ($81,000). With $6000 in closing costs and the need to keep some money in savings we are at a $90,000 payments going out this month.
We have a combined income of $105,000 and it is projected to increase by 20K this year. We have $1200 in debt payments each month (law school loans and car payment)
My concern is that we are going from $69,000 in savings and $91,000 in retirement accounts (pulling from this with no tax or penalties) down to $5,000 in savings and $62,000 in retirement accounts.
I am 31 and my wife is 34. We want to make sure that we fund our retirement accounts fully each year, and it is getting to the point where our bills are making us budget much more strictly and scrutinizing our spending.
If you have advice or wisdom it would be appreciated. For reference, we bought a house in a nice neighborhood in north Tacoma, Washington about 40 minutes south of Seattle.
Thanks
Submitted February 20, 2017 at 11:38PM by nugsybogues http://ift.tt/2kGsZwb
