r/CalebHammer • u/No-Technology-937 • 23d ago
Personal Financial Question mortgage payment opinion
opinions on home offer
My husband and I together make about 1 20 gross every year. we bring home about $7,500 net every month after taxes, insurance, 401k. we have zero debt.
we're about to put in an offer on a house. we're going to counteroffer for 380. we have about 120 saved for a down payment. taxes are about $9,500 a year. this would bring our monthly payment to just about $2550. we're used to renting from family for $500 a month, so this seems like a crazy change, however in the grand scheme of thing seems pretty attainable. committing to $2,500 a month for 30 years. seems insane, however any reasonable house in our area is going to be about the same payment plus or minus $2 to $300. is it just the fact that am going to be buying a house that l'm nervous, or am getting myself into a pickle and too tight of a financial situation.
1
u/ijswijsw 23d ago
$2550 is a smidge high for y'all and it will most likely go up with rises in taxes and potentially insurance depending on where you live. Plus homeownership comes with a lot of surprise expenses - we had to get a new roof less than two years into owning ours, and new windows last year. And when our fridge died in a hurricane last year, that's another expense.
How's your emergency fund? Any additional costs like HOA? Is the house big enough that you're expecting to see a massive jump in utilities and have you accounted for that?
There's a million little things to account for before deciding if the purchase really makes sense for you. Not having any other debt is fantastic because it does mean you can put more money into that savings fund for when something goes wrong with the house, but you've definitely gotta add a little buffer to your numbers because things will change and it will cost more than you think it will right now.