Hello everyone! I need your advice on a home purchase in NJ to see if we’re biting off more than we can chew.
Price of Home: $379,000 Property tax: $7,500
We currently have about 55k in savings but after down payment(3.5%) and closing costs it should be around 35k in savings.
Our base gross income is roughly $115k a year. Our net monthly income is $6,000 this amount is after deductions are made for my pension/401k/health insurance. Monthly Expenses
Mortgage(P&I/tax/PMI/Home insurance) $2,700-$2,800
Car payments - $600(will be $300 in few months once mine is paid off)
Car insurance - $260 (will drop, I live in a bad neighborhood but will be moving to a good neighborhood)
Gas - $160
Groceries - $400-$500
Cell - $200(will be $160 in few months once my phone is paid off)
Cable/TV - $100
Utilities- anticipating about $150
No children yet but we are planning for near future. Please be brutally honest and if I missed something let me know! Thank you in advance everyone.
Submitted April 01, 2019 at 05:43AM by ChokeOnnThis https://ift.tt/2CKNChw
