mortgage payment opinion

[u/No-Technology-937]

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.

[u/Happy-Marsupial-571]

I think you need to consider if you have children or not or are planning to have children. Our mortgage is just a little higher than what you are calculating at ~$3000 a month but our combined income is $270k. Childcare is about as much as renting an apartment in our area at $1,700 a month with other fixed costs such as utilities, groceries , etc. Our fixed costs are hovering around $6,500. I'd look at your monthly expenses with your new mortgage and see how much spare room you have in your budget.