Hello all,
I posted a while back with some generic numbers and thoughts but wanted to focus moreso on the financial aspect of the home purchase and I guess I'm just a bit nervous.
Income - 120k/yr ,6450/month after taxes - 6% 401k for employer match - SO is at 50k/yr and we still have separate finances so just going off mine for now
Expenses - 2700 a month - This includes everything
Cash - 13k
Debt - Just the car now at 280/month. 16900 remaining. Bought for 0 down like a genius but once I get my plan in place/move into a new home plan on paying this off within 2 years.
Current rental is over in August, not sure I want to stay here another year
Homes are going to be in mid 200 to 300 range. 300 if it's exactly what we want mid 200 if some things need fixed/replaced
If I went with a 300k place it would be ~2500 a month for mortgage (property tax is average 8k/yr) which would put me around 3500 a month total.
Goal would be to catch up to 20% as soon as possible to remove PMI.
I just paid the remainder of the cc's off this week so from March on I will be saving 3700 a month. I should be around 30k saved up by August.
With the unknowns of home ownership is that range doable for us and I'm stressing over nothing?