My wife and I (27) have been looking to buy a home in New Jersey for the past 9-ish months with little luck. Yesterday, however, our offer was accepted on a $750k dream home, where we plan to stay and raise our future kids for the next 20-30 years minimum. The property taxes are ~12k per year, making our prospective home payment roughly $4000/month with 10% down. The only other debt we'd have aside from this mortgage is a $480/month car note.
We make $207k on salary, and an additional ~33k in bonus/RSU's, $240k total. We're a bit above the traditional 3x income rule, but the numbers seem reasonable when I plug them into our budget spreadsheet. Take home is $10.2k after contributing 19% to 401k. After down payment / closing costs / furniture / etc. we'd have around 10-11 months of expenses in cash.
What do you think?
Submitted July 20, 2021 at 08:25AM by njhousing52 https://ift.tt/2UuUlYX
