As a long time lurker of this subreddit - first want to say thank you to anyone willing to engage with this and provide feedback. I feel as if my fiancé & I are doing the right thing but we are both incredibly nervous as neither of us have spent this much money before in our lives.
I will also preface this post by saying we are very very fortunate to be in the position that we are in.
For reference we pay $2500 a month for rent in a HCOL so going from $2500 to $3700 is a large increase.
Age:29
Home price: $620,000 in a HCOL
Mortgage: Fixed 30 year at 3.25%
Combined income: 170-210K annual - I work in sales and have a variable compensation role and my fiancé works in education
Down payment: 20%
Average monthly payment: $3700 (including taxes, HOA, initial principal)
We have saved considerably for this and after putting over $110,000 for the down payment, that will leave us with $27K in our checking account of liquid cash.
Outside investments in 401K + 403B + other vanguard accounts: $250K
Did we buy too expensive of a home?
Submitted April 25, 2021 at 06:02PM by Youzguys20 https://ift.tt/3sV0kl4
