My wife and I are
likely about to buy a house. I say likely because she's become an all-star at backing out of home contracts - five so far - for silly reasons and I refuse to believe this is happening until the closing date now. Anyway, this one seems like the most realistic.
Here's our situation. We are under contract for a house with a purchase price of $239,900 in northern Kentucky and we plan to put 20% down (avoid PMI and all that). Hopefully about one yearish after we move in, we plan to welcome our first child. During this year, she and I will both be working full time with a combined annual income of $121,000 gross. When the baby comes, she plans to quit her job and become a full-time mother (maybe PT work at some point later, but at first it's a stay-at-home situation). Once this happens, our annual income will be $100,000. (Her $31,000 salary will go away, and mine will increase in July 2020 by $10,000. This is contractual and will happen.)
I read through
MMM's old post related to this, but I wanted to get a bit more specific.
For a long-term plan, I intend to pay the minimum mortgage payment each month while dumping as much as possible into our VTSAX. Before we go any further, what is the general forum opinion on this approach?
For a short-term plan, I was wondering if it would be a good idea to use our dual income powers to pay as aggressively as possible toward the mortgage over the first year, then once she quits her job to flip strategies to paying min. mortgage and directing funds to the VTSAX. Thoughts?
