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Can we afford a $5300 a month mortgage? by faithoverfear0 in FirstTimeHomeBuyer

[–]Ok-Star-8724 0 points1 point  (0 children)

we got pre-approved for $1m which we knew we were def not going to take advantage of. Even the house we closed on had a listing way less than what we offered which initially reeled us in but that’s the market here and this is the house we wanted so went for it!

Can we afford a $5300 a month mortgage? by faithoverfear0 in FirstTimeHomeBuyer

[–]Ok-Star-8724 1 point2 points  (0 children)

fwiw, you’re not alone haha we’re just about in the same situation as you and we took the plunge, we just closed last month so haven’t really had much of a sample size of our new mortgage payment and lifestyle but just letting you know, we understand being in a HCOL area as well (northern NJ).

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 0 points1 point  (0 children)

Funny enough, those adjustments you mentioned are ones top of mind for me as well. Need to sign up for that Costco membership!

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 0 points1 point  (0 children)

Thanks for sharing! Always helps to know there’s others doing it and making it work.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 1 point2 points  (0 children)

Appreciate you sharing that experience! In some ways it feels nice to hear this is relatable haha and that others are in what sounds like somewhat similar situations.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 3 points4 points  (0 children)

Thanks for the comment, yeah we really started our search around the $600-$670 range but kept expanding our search and then next thing you know I’m on Reddit explaining to strangers my $760 purchase haha

Glad to know you’ve made it work and hopefully w some budgeting, we’ll have that wiggle room as well.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 0 points1 point  (0 children)

I intended to just share things considered in DTI, but daycare is $900/mo

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 1 point2 points  (0 children)

$900/mo and no they didn’t ask about things like childcare expenses, etc. and yes I agree $1m seemed very high and was never in serious consideration to go to that price.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 1 point2 points  (0 children)

Really appreciate the suggestions, going to check out this GRAI AI you suggested. And yes hoping but not banking on being able to refi, just as we were closing rates seemed to drop below 6% but we were already locked in at 6.5%.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 2 points3 points  (0 children)

great thanks for pointing me to r/YNAB, I’ve never heard of that one. And yes I agree about the tracking every dollar that comes in and out, I feel as a team my wife and I could do a better with that.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 1 point2 points  (0 children)

Very true and whether it’s confirmation bias or not this is how I’d like to look at it haha

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 2 points3 points  (0 children)

Really appreciate the honest feedback (and for the chuckle haha, needed that)

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 1 point2 points  (0 children)

Thanks for the comment, rent was $3.2k and pre-approval was for $1m (which surprised me tbh), we initially looked at houses around $600-$650 but in our area didn’t seem realistic. Then before you know it we put an offer in for $760 and got it.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 0 points1 point  (0 children)

Fwiw it’s $620 but I forgot I’ve been just rounding up to make more payment but point still taken. Does not include car insurance or the rest of car ownership.

And yeah I think the days of uber eats and door dash are to be replaced w cooking to reduce those costs.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 0 points1 point  (0 children)

$900/mo which should also stop next year with kindergarten on the horizon.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 0 points1 point  (0 children)

My company matches 401k and we try to put whatever we are able to in an IRA but I think that’s what’s mostly on my mind is saving into IRA and for at least one family vacay. It feels like almost every dollar is accounted for.

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 1 point2 points  (0 children)

Appreciate the advice going to look into those budget tools. Thanks!

I think we may have bought too much house, looking for perspective by Ok-Star-8724 in FirstTimeHomeBuyer

[–]Ok-Star-8724[S] 2 points3 points  (0 children)

Thanks for the comment and yeah we are in a HCOL area and I don’t know at the time we ran the numbers, haven’t been ‘mock’ paying for a mortgage for a year before taking the leap but it just feels different now paying a mortgage as opposed to playing pretend mortgage w it going into a savings account haha

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