- May 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Financial Considerations for Buying a House
Hey all.
My wife and I are currently in the process of purchasing a house that is priced at $316,000. With our combined income of over $7,400 a month after taxes, we have been carefully considering whether we can afford this investment.
After thorough analysis, it has been calculated that a potential mortgage payment on this house would amount to $2,100 per month. Taking into account all of our bills, including the potential mortgage payment, we would still have $2,500 left over each month after paying all of our monthly bills and loans.
Considering that we are also expecting our first child soon, we want to ensure that we are making a financially responsible decision. Given these circumstances, we are seeking advice on whether you believe we would be able to comfortably afford this purchase.
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****** just grabbed a
Is the $2100/mo just principal and interest or is it inclusive of taxes and insurance as well?
A good rule of thumb is “affordable housing” is no more than 25% of your take home pay. This would be at 28%, which with the other info you provided should be fine.
Like others said even in LCOL areas daycare can be $1000+/month/kid. Which you technically could afford it seems but would make things very tight – so I would make triple sure your plan of alternating shifts and grandparents help will work for y’all through infancy into when they begin school of some sort.
How much do you put towards emergency savings? Also did you already include potential bills for when your kid is born (diapers, milk, check ups, clothing etc etc)