Partner and I make about $150k a year in gross income. Bonuses vary between 2k and 13k once a year. Currently save about 15% via HSA/401k/IRA, so take home after tax is about $8.5k.
We're currently under contract for a home that's going for $495k. At our 7.5% loan with 5% down, monthly with taxes, PMI, and insurance (state of TX so these are pretty high) is going to be about $4300.
Pretty worried we'll be house poor - did we buy too big of a house?
One thing I keep thinking is that our careers are stable, so we'll have growth. And there's a chance rates get lower in the next year or two and we can refinance. The only debt we have is student loans with a monthly of $182. No car loans or CC debt.
The home is old (1972) but just had foundation repairs, new roof, and sewer line replaced, so I'm hoping that means we won't get hit with a huge repair but you never know.
We haven't closed yet, but we put 3% in earnest money so it would hurt to back out now. Maybe that's better than being super house poor though.
Submitted October 08, 2023 at 12:24AM by Broad-Ingenuity-7347 https://ift.tt/uqHw5dB
