I think the title explains it. I’m a first-time home buyer in a city where affordable middle income housing is becoming scarce. I found the perfect place at a below-market price, but want to make sure I’m entering a healthy situation.
I played with the math and DTI... and it feels like I can afford this and be fine. Here are my expenses:
-5650/mo — NET take-home pay after benefits, tax, etc
-2100/mo — Total housing (insurance, p&i, HOA, taxes, etc.)
-800/mo — Debt (student loans, credit that I’m chipping alway at; AND THIS IS ON TRACK TO BE DOWN TO $400/MO BY EOY 2020)
-Approx 150/mo — Utilities not covered by HOA (electricity + gas)
-Approx 300-350/mo — Other bills (TV/phone/internet + car insurance)
So that leaves me with $2250-2300 in discretionary income... and it’ll be more like $2650-2700 by EOY, regardless of any pay increases. Just have to factor in groceries for a single gal and two gas tank fill-ups a month as my two additional recurring expenses. Thoughts? And thanks in advance!
Edit: formatting fixed!
Submitted December 11, 2019 at 09:45PM by alilthrowaway4u https://ift.tt/2RJt2GP
