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Buying new home, need advice on budgeting!!
Jeebus31
Posts: 3 Newbie
Hey guys 1st time posting on here. My wife and I are looking to buy a house soon. I need some help budgeting since this will be our 1st home! (exciting!). Our goal is to not be house poor,but yet get the best house and still able to travel and buy things.
Currently, our yearly gross is $140,000 and our monthly take home pay combine is $6875.89(after tax,insurance,401k etc).
We have a student loan debt of $600.00 for the next 5 years(no other debt!) We don't have kids, but if we do, one of us will drop to part time and we can still gross around $113,000.
My question to you experience home owners, could we afford and not feel tied down to a mortgage payment between $2500 to $2900? The house price range i'm looking at is between $405k to $420k with 20% down payment.
Here is what I got after doing my math:
Take home= $6875.89
Mortgage= -$2600.00
Debt= -$600
Gas,clothing,food= -$2000.00
Additional savings=-$500.00
Utlities,cable,phone=$ 400.00
This leaves us $775.00 a month to put away in our combine "using funds"account. We also going to inherit some furnishings from our parents(couch,bbq grill,lawnmower, etc) I feel like I'm forgetting some things, so I'm hoping you guys can provide feedback.
I apologize in advance if this was not in the correct forum.
EDIT- I live in the US
Currently, our yearly gross is $140,000 and our monthly take home pay combine is $6875.89(after tax,insurance,401k etc).
We have a student loan debt of $600.00 for the next 5 years(no other debt!) We don't have kids, but if we do, one of us will drop to part time and we can still gross around $113,000.
My question to you experience home owners, could we afford and not feel tied down to a mortgage payment between $2500 to $2900? The house price range i'm looking at is between $405k to $420k with 20% down payment.
Here is what I got after doing my math:
Take home= $6875.89
Mortgage= -$2600.00
Debt= -$600
Gas,clothing,food= -$2000.00
Additional savings=-$500.00
Utlities,cable,phone=$ 400.00
This leaves us $775.00 a month to put away in our combine "using funds"account. We also going to inherit some furnishings from our parents(couch,bbq grill,lawnmower, etc) I feel like I'm forgetting some things, so I'm hoping you guys can provide feedback.
I apologize in advance if this was not in the correct forum.
EDIT- I live in the US
0
Comments
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Are you in the USA or UK? as this might make a difference.Breast Cancer Now 100 miles October 2022 100 / 100miles
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Sorry I live in the USA0
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What is a 401k? Is it a pension?
:mad: :A
I know what I am talking about.........it's just that nobody else does!0 -
Yes. 401k is our retirement fund0
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I feel this one will be difficult to answer by UK residents. We have to get our heads around the currency differences for a start off!0
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Property taxes? Could be a bit scary on a $420,000 property......I feel like I'm forgetting some things, so I'm hoping you guys can provide feedback.....
Healthcare, or it provided by your employer(s)?
Hi. Unfortunately this is a UK based forum so you won't get too much relevant advice off us Brits.(and it would be spelled funny
) All I can say is that some areas in some states are suffering from price falls, realtors have huge inventories and developers are desperate to sell. Depending on which county/state you are in, I would consider holding off buying for several months at least (but that's the advice I'd give to anyone buying here in the UK too) A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
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It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
You need to ask this on US housing forums and to US residents as the US-UK markets are completely different.
Rob0 -
Have you tried www.fool.com? It's a US based site so may be more helpful.0
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