We're entering the beginning of house hunting and we are trying to determine what our "maximum" house budget would be that wouldn't leave us house poor on the monthly mortgage.
We are in Mass so houses are alright more expensive and the ~7% interest rate certainly doesnt help
Our combined Savings is: $100,000
Our monthly salary, after taxes/take-home is: $12,500
My wife has one Private Student Loan. 46k remaining, 8.49% interest, $536/mo payment
Our combined monthly expenses, excluding our current $2500/mo rent), is $4500
If we are bringing in $12,500 and spending $4,500, that leaves $8,000/mo.
The houses we are looking for are, at a minimum, 3bd/1.5+ba as we have two kids. Those essentially start at 550k. We aren't able to hit 20% so we will be hit with PMI if we throw down 10%.
My question is, what would be the "ok we would put 10% down on this house and spend this much per month on mortgage for the 'perfect' house that doesnt need crazy remodels"
Is that nothing more than just saying - ok we have 8k/mo but we dont want to spend ALL of that on mortgage, what % of that would make sense
An additional aside, do we just take a large chunk of that 100k and throw it to kill that private loan? or drop 20k on it, refinance to 6ish % and put 1000-1500/month on it?
Submitted May 31, 2024 at 10:07PM by PM_ME_UR_SEX_VIDEOS https://ift.tt/mHduP96
