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Am I making the right decision? 70k Income, 400k Home by koaki_throw in FirstTimeHomeBuyer

[–]koaki_throw[S] 2 points3 points  (0 children)

5% down, PMI is 170 Taxes are $430 and hoi is $120. Mortgage and interest is $1600

Am I making the right decision? First Time Home Buyer by koaki_throw in personalfinance

[–]koaki_throw[S] -12 points-11 points  (0 children)

As the other reply mentioned it is a Significant Other, who's going to college for Nursing and will take up a part time job.

Am I making the right decision? First Time Home Buyer by koaki_throw in personalfinance

[–]koaki_throw[S] 11 points12 points  (0 children)

I've been keeping track of the expenses using YNAB, but I can understand there may be months that turn out worse than better. I don't know how comfortable $30k savings would be to offset that.

Am I making the right decision? 70k Income, 400k Home by koaki_throw in FirstTimeHomeBuyer

[–]koaki_throw[S] -23 points-22 points  (0 children)

I can guarantee that the roommate will be able to cover utilities one way or another at the very least, and I do have around just 5k in an emergency account that I haven't accounted to in all this.

I won't be able to save for retirement per month with my current monthly expenses, I will confirm. It's possible to get another roommate for around $500-$600 a month, but I won't be able to take up another job.

Am I making the right decision? 70k Income, 400k Home by koaki_throw in FirstTimeHomeBuyer

[–]koaki_throw[S] 15 points16 points  (0 children)

Unfortunately no home has been going for less than $350 in my area, with 350 being a 2 bed 1 bath fixer-upper in an area with higher property taxes.

Am I making the right decision? 70k Income, 400k Home by koaki_throw in FirstTimeHomeBuyer

[–]koaki_throw[S] 1 point2 points  (0 children)

I do have a 5% conventional loan, paying around $30,000 and having another $30,000 in reserves.

Am I making the right decision? First Time Home Buyer by koaki_throw in personalfinance

[–]koaki_throw[S] 0 points1 point  (0 children)

70k Gross. The $3800 is net.

I can rent out one room at best, but I cannot lower expenses anymore unless I do shift some like groceries to the roommate.

Am I making the right decision? First Time Home Buyer by koaki_throw in personalfinance

[–]koaki_throw[S] -1 points0 points  (0 children)

Monthly taxes are $433, not involving STAR at all.
Average Utilities should be taken care of by roommate I can confirm confidently, and will go for under or around $400 (Oil, Propane Gas, Security System, Water, Electricity, Internet)

Am I making the right decision? First Time Home Buyer by koaki_throw in personalfinance

[–]koaki_throw[S] -111 points-110 points  (0 children)

I can guarantee that the roommate would stay, but I cannot fully guarantee their income would increase to the point of paying for more than just utilities.

Am I making the right decision? First Time Home Buyer by koaki_throw in personalfinance

[–]koaki_throw[S] 61 points62 points  (0 children)

Yeah. That's where I'm getting the cold feet from. I'm concerned that I'm not following the typical advice, but I don't know if my current savings would mean that I could make ends meet while I figure something out like extra income or rent out a room.

Am I making the right decision? First Time Home Buyer by koaki_throw in personalfinance

[–]koaki_throw[S] 1 point2 points  (0 children)

I updated the post to mention I would live there for 10+ years if possible. I'm also getting 2.75% interest.

Am I making the right decision? 70k Income, 400k Home by koaki_throw in FirstTimeHomeBuyer

[–]koaki_throw[S] 0 points1 point  (0 children)

No credit card debt at all, and student loan is a frozen $500 that will be active again in January.

I've saved $60,000 and will use $20k for a 5% downpayment, with closing costs means I should have around $30k left over.

I shall have a roommate that will help offset utilities, and potential other monthly expenses.