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Additional Details
Wow thank you all so much! T... |
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fixer444 | 1st Time Home Buyer Getting Cold Feet!? |
So I am getting ready to buy my first home and I am excited. The more I think about it the more I worry about me affording my mortgage payment.
Details -- I make 71,000 a year and bring home about $4100 a month AFTER taxes. My current monthly obligations equal about $900. This does not include the utilities I will have to pay for the house. The estimated mortgage payment they gave me is $1360 with Taxes/PMI. The assoc. fee for the townhome is $93. So, we have a grand total of $1453 just for the house.
I need some reassurance that I can (or can't) afford this payment.
Additional Details
Sorry I live at home currently my current oblig. that exist are a car payment that will be payed off in Nov ($318) and student loans, plus I added in my cell phone bill and gas for my car. My credit score is like 900, so I got really good credit. |
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budhah1
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Let me reassure you that you CAN afford it, or the bank would not allow you the loan, Now Days they are very picky who gets the money. They have gone thru all your finances so know exactly what you have to work with..
You are just as you said, getting buyers remorse, (cold Feet) I have done that too, but it always worked out well. |
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Real Estate Guy
 |
I highly recommend to everyone that they don't spend more then 25% for total mortgage, etc. At 71,000 a year, you can afford 1,479 a month.
I say you are in GOOD SHAPE.
However, you should also be saving at least 10% each month. |
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sportyguy_ss
 |
Your current monthly obligations are about $900 and you bring home $4100 a month. What do you do with the rest of your money? If your credit score is higher than about 630 you should be able to get a primary and second mortgage on the townhome and do away with the PMI. PMI is a rip off, I would do whatever I had to do to get rid of the PMI. With that much income and so little bills you should have some savings. I would look at putting enough down to drop the PMI if that is a possibility. But even if you can't then it still seems you should be able to afford the payments and still have enough left over for utilities. It seems that you should be able to live comfortably if you stay at that pay rate.
It is a very smart decision to buy instead of rent if you plan on staying put for the next four or five years. I rented for ten years and just recently bought my first home and am very happy with it. I too had cold feet for about a month before and a month after making the 2nd largest decision of my life. It seems like a large commitment but you would be spending close to the same amount to rent and years down the road you still have nothing to show for your thousands of dollars spent. Good luck with your purchase, and congrats. |
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linkus86
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No one should validate your decision, only you can. If you feel money will be too tight and don't have any reserves (savings), just in case ..., than you might want to rethink your priorities. But you are also not including the tax advantages in your equation nor the fact that you will likely make more money in future years while your house payment will remain similar for the next 30 years. 10 years down the road, that house will represent your biggest asset! Good Job! |
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DFLy
 |
I guess it depends how good you are at managing your money and how much you normally spend and save during an average month?
Buying a house always starts off being more expensive than renting, but it it well worth it plus you often find that you don't go out as much so save money in that way. How about giving it a go and then maybe getting a lodger if you find it difficult? |
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Beverly S
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It's good that you are concerned- make sure it is a fixed rate loan! You don't want an adjustable rate. Are you comfortable that your job is strong? Your rate should be in the 5% -6% range. Write out a budget & make sure that you keep in mind possible emergencies- roof leak etc...Car repairs etc.
You should be fine. Good luck! |
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MLE
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It doesn't sound like you can afford it, it is almost $500 more than you are paying right now. Have you been saving $500 a month since you moved into your current place? |
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cz73kz
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Are you kidding? That leaves you with almost $500 extra a week for spending and saving.. Unless you have a ridiculous amount of debt, you are more than fine. Congrats on your new home! |
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Joshua R
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Yes you can afford it! What is your current rent? Your $1453 is about a third of your total income whichi what the banks look for. As long as you have a fixed rate mortgage you should be in good shape. WIth the credit crunch banks are getting tight and if they are giving you the loan that is also in your favor. This is the time to buy. |
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