Buying a New House WWYD - financial details included

[wilbs]

Deleted the details.

Thanks ladies! Now to decide if we want to build again or buy a resale...

[audette]

I'd concerned about what you have for an e-fund, but assuming that is decent, I say go for it. Your total debt, including that mortgage, would be 1/3 of your take-home. That's not bad.

[WinterWine]

Id be comfortable with that. Our take home is a little bit lower each month and our mortgage in $300 higher/onth and we do just fine. 2 in daycare may make it tighter but it sounds like you are ahead on retirement and could lower that if you needed to. Will he house need much work to update/renovate? I'd also account or 1% of the home value in maintenance costs each year when you budget.

[illgetthere]

I'd be comfortable with it, but our total expenses are about what you would have left over after accounting for debts, maxing IRAs, and future daycare

[lys]

Mortgage+PMI+Insurance+Taxes+HOA+UTILITIES = 25-25% of takehome pay OR 30-35% in a HCOL area.

Your general financial situation looks fine for buying this house.

Enjoy your new home.

[badgergrl]

Our mortgage is about that and our monthly take home is a little less ( although we have bonus money yearly)

[teatimefor2]

Yes. Our PITI is about $3,700 and take home after 401k, health, transport is about $8.6. We don't have daycare ( I SAH), but I would especially assuming you have places you could trim and a solid e-fund.

[kaylie]

Assuming the $2,850 includes PITI? Yes. Our take home is right around there and our payment is $2625. We make it easily. We don't have a daycare payment (DINKs) but we do put $1200 a month towards my student loans, have a $500 car payment and put $1K a month into savings.

[LoveTrains]

As long as that is PITI it sounds good to me.

[AAM2012]

Looks good to me! enjoy!!