Me and my wife are buying our first house. We would like second opinions on our budget. We made $155k gross last year and see that continuing to be the case. I just got a promotion and my wife is getting more and more clients so that should stay the same or go up. We are buying a $365k house putting 20% down and should have a mortgage of $2k/mo including insurance and taxes. We have $250k in non-retirement savings total and $140k in retirement assets at age 28 and 24. After taxes, retirement contributions, health insurance we should have $7600/mo on average at least. $850/mo goes to food, $350/mo utilities (high estimate), $210/mo car insurance, $70/mo internet, $100/mo on our dog, $200/mo on gas, and last year about $850/mo was spent on other miscellaneous items (both essential and non-essential) according to our spreadsheet. That should still leave plenty of other funds for additional savings beyond retirement or spending on upgrades around the house as needed or going on trips if we want. Does this seem like we have a solid plan and we can afford this house based on a non-biased perspective?
First-Time Home Buyer Budget
byu/Junior_Necessary_250 inpersonalfinance
Posted by Junior_Necessary_250
2 Comments
Sounds like you are doing great and can def afford this house. The fact that you are so well aware and tracking your income and expenditures shows you are way ahead of most in your age bracket… good job!
Unless you have some crazy constraint that you aren’t mentioning, you are obviously good.