So the significant other and I (28 and 27) are looking at putting in an offer on a house in the coming weeks. I want to know reddits opinion of this purhcnase based on our current financials listed below. The house we are looking at has an asking price of 220000. We are hoping to get it for 205-210.
Together we take home approx $6000 per month. This will be going up to $6500 (yay raise) in December and further in about 1.5 years when my SO is finished with nursing school.
Monthly financial obligations:
approx mortgage payment with PMI/tax/insurance combined $1500 water/electric/natural gas/internet $370 SO's student loans $150 So's vehicle payment $520 (I know ouch, was purchased before we met 3 years remaining) fuel $400 Groceries $400 cell phones $110 vehicle insurance/registration/maintenance $200 fun monies $500 medical $50
This leaves about $1810 per month for maxing out our roth ira's, investing, and paying more on our mortgage. My take home pay is after getting full employer matching 401k.
We will be putting approx 11k down. This is lower than I wanted to but I believe this house is going to be a steal for the price/time/location.
We already own one home that has approx 13 years left on the note costing 750 per month. It is rented out and the mortgage is fully covered by that. We have about 75K in equity in this home.
What do you guys think? Are we stretching our budget too thin? What am I missing? We have never really had to budget hard as our first home was purchased for such a low price.
Submitted April 22, 2018 at 01:25PM by aweezy90 https://ift.tt/2K8q4W8
