Hi PF! Long time lurker, first time poster.
My wife and I are looking to buy our first house in the Nashville Area. We found one in a great location, near her work and not too bad of a commute for me. Here is some information about us:
Husband: $70,260 income before taxes
Wife: $47,000 income before taxes
Total: $117,260
Savings: $27,000 after closing costs
Expenses (Monthly):
- Rent $1400
- Utilities $300
- Student Loan (Husband) $ 618.66
- Auto Insurance $ 120.00
- Auto Insurance $ 100.00
- IRA x2 $ 916.00
- TSP $ 189.66
- Student Loan (Wife) $ 500.00
- Truck Repayment $ 240.00
- Grocery $ 400.00
- Phone bill $ 30.00
- Going out $ 400.00
- Gas $ 350.00
- HBO $ 15.00
- Spotify $ 10.00
- Sling $ 30.00
- Clothes $ 200.00
- Gym Membership $ 80.00
-
Misc $ 600.00
-
Total: $5,099.32
The House:
-
$370,000, financed using VA loan (no down payment).
-
New Construction, little to no maintenance required (at least initially)
Based on mortgage estimates, our mortgage would be ~$1900 at 4.2%, and an additional $322 going to property taxes and ~$75 going to home insurance.
In total, we make $8400 after taxes each month, and would be facing $7399 in expenses each month (including mortgage and aggressive student loan payments above minimums). Based on this math, we would still be saving $1000 each month to go to home improvement and beefing up the emergency fund, on top of IRA and TSP contributions.
PF, show me where my math is wrong, and convince me otherwise!
Submitted April 13, 2018 at 01:08AM by IDontGotsNoName https://ift.tt/2qsv1ka
