Hi Everyone,
I'm looking for some advice as a first time home buyer. I'm looking at a home that is listed at $400K. I want to get another opinion if this will responsibly fit in my budget and lifestyle goals.
- Income with annual bonus is about $138K
- I have $45K in cash (savings acct) that I could comfortably put for a down payment (I understand I will have to pay PMI) - This would leave me with 6 month emergency fund and some additional cash for other expenditures that may come with home purchase (furnishing etc.).
- I want to continue to max out my 401K at work ($18k)
- My employer will contribute another 10% to my 401K
- I have a Roth IRA with ~$26K (I have considered pulling some out for down payment utilizing 1st time home buyer exception to penalty)
- I also have about $12K invested in a taxable account that I have considered pulling out (would like to maintain these funds in the market)
- The mortgage, insurance, PMI, taxes, and HOA will result in ~$2,300 per month
- My only debt is a vehicle payment of ~$380/mo. I have ~$20K left to pay off.
- I would also like to continue to save cash every month for other short term goals ( around $500)
- I'm 30 years old, no kids *My partner will basically be paying rent of $600/month
What do people usually do? Am I an idiot? How much do people generally recommend saving for other short term goals per month ( I know this is case dependent, but maybe other examples might help).
Thanks in advance for any suggestions!
Submitted January 10, 2018 at 11:11AM by HomeHouseMoney http://ift.tt/2Es0Dec
