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oakslady
LIF Adult
Member since 8/05 969 total posts
Name:
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Re: Is it possible to afford a mortgage of
we actually do a bit more than that ( 3150 ) now and it is pretty tight. it depends on what you think you can tolerate as far as budgeting goes.
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Posted 3/5/07 6:40 AM  |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Is it possible to afford a mortgage of
we do a little bit less on that - but we only live off DH's salary (about 6K) and anything I make (I only consult PT) we put away - so it can be done, but we have a bit of a safety net while we are doing it. We also have a large emrgency fund - in case DH loses his job (which although is pretty secure right now - one nevers knows)
One thing to think about is at that mortgage interest alone for the first few years - will probably be at least 20K and in taxes 7K - that's almost 30K for the year that doesn't go to equity. You may want to save more money for more of a down payment as you are only spending 17K in rent. Just putting that out there to think about.
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| Posted 3/5/07 7:55 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: Is it possible to afford a mortgage of
Definitely doable. A little tight, but doable.
All depends on your other bills and spending habits. If you have a two car payments and CC debt, it might be too tight.
And remember that if you and your DH get yearly raises, it may get easier year after year so you might only have to endure one year of being a little tight on your budget.
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| Posted 3/5/07 9:41 AM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: Is it possible to afford a mortgage of
Posted by SweetestOfPeas
I wouldn't do it. you're not giving yourself any room for other expenses or if something goes wrong.
I definitely agree!
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| Posted 3/5/07 9:43 AM |
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salumunz
Chloe
Member since 1/06 1554 total posts
Name:
Patty
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Re: Is it possible to afford a mortgage of
Posted by MrsFlatbread
I would say it would be tight based on those numbers.
I agree.
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| Posted 3/5/07 9:59 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Is it possible to afford a mortgage of
Posted by BellaPaige
Posted by SweetestOfPeas
I wouldn't do it. you're not giving yourself any room for other expenses or if something goes wrong.
I definitely agree!
I agree. For me and DH I will only look at houses we could still afford when factoring in childcare costs (we don't have kids yet), which would be another $24,000 a year for 2 kids. I would feel like I was cutting it too close with your situation.
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| Posted 3/5/07 10:27 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Is it possible to afford a mortgage of
First of all, don't be depressed 
House hunting is very tough! Before you start looking at houses and falling in love, I think you should budget your finances. Figure out exactly what you can afford each month for a mortgage, insurance and taxes. Make a list or spreadsheet. I think the previous posts pointed out a lot of things to consider. Also consider closing costs, down payment and savings for after you buy in case of an emergency. Remember, there is no landlord to fix your oil burner, etc.
If you are serious about buying now, you should talk to some banks. They will help you determine what kind of mortgage rate you will get and the monthly payments you should expect.
It seems that your expenses right now are pretty low. You may want to consider saving for another 6 months and then looking if you are concerned about costs being too tight.
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| Posted 3/5/07 11:04 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Is it possible to afford a mortgage of
It all depends on what other kind of debts you have. Our mortage is $2700 per month, including taxes, but each month our bills, just bills, not food or gas, come to about $6000. Our gas bill this month alone was $748 
If you have other major expenses, like credit card debt, car loans, daycare expenses, etc, you may be stretching yourselves thin. If you have no other major expenses, then it's probably doable.
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| Posted 3/5/07 11:30 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Is it possible to afford a mortgage of
sounds a little high. they recommend about 25% of your income to mort. I think if it includes insurance and taxes you can up to about 35-40%, but that's if you can still save.
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| Posted 3/5/07 12:15 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Is it possible to afford a mortgage of
Posted by VFranchino
$3000 per month if your DH and you both make about $6k a month combined? Ofcourse there are other costs like cost of living, bills, gas/heat, electric.. Does this seem realistic?
No what happens if one of you loses your job
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| Posted 3/5/07 12:17 PM |
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sflower
LIF Infant
Member since 3/06 134 total posts
Name:
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Re: Is it possible to afford a mortgage of
It is definitly doable..... . We do it. Our bills only come to about $5000 a month and that includes two cars, all our utilities and cc's. We have 2 mortgage payments in the bank and once we get our taxes back we will put more. Right now we are putting some money into the house but after we do the major things we need to will can start saving again.
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| Posted 3/5/07 3:17 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: Is it possible to afford a mortgage of
It can def be done.
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| Posted 3/5/07 3:42 PM |
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Re: Is it possible to afford a mortgage of
its doable... but will be very tight -- do those taxes include star? that will make your payments a bit cheaper next year - also you will get alot of money back come tax time.... do your incomes increase each year? these are all things to consider...
the first year might be tight...... but it can get better after each year passes!
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| Posted 3/5/07 4:46 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Is it possible to afford a mortgage of
I think it's too tight, especially if you didn't factor in taxes and insurance.
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| Posted 3/5/07 4:57 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Is it possible to afford a mortgage of
Posted by salumunz
Posted by MrsFlatbread
I would say it would be tight based on those numbers.
I agree.
Me three.
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| Posted 3/5/07 5:47 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Is it possible to afford a mortgage of
I have decided that we will wait a while and save more for a larger down payment. Thank you for all of your posts!
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| Posted 3/5/07 7:01 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is it possible to afford a mortgage of
maybe sit down with a financial planner?
I want to go take advantage of the fact that my Dad has 2 great ones 10 minutes from me and just have them go over all our plans and give us advice
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| Posted 3/5/07 7:07 PM |
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