Re: is this enough money left over after paying mortgage?

No, it seems to close.

Re: is this enough money left over after paying mortgage?

I think you should try pulling your bank and credit card records for the past few months to really see what you have been spending.

Another idea - set yourself like you are already on this budget - put everything into savings that would be going to the mortgage/taxes - and pretend it is a payment. See if you are comfortable living this way.

Personally, I would be concerned about how close you are cutting it. A few examples - someone gets sick - just a sinus infection these days can easily be $75 - i.e. $30 copay, $20 prescription, $15 mucinex, $5 tissues, $5 cough drops, etc.

You also have to think of gifts - christmas/holiday expenses, etc.

I do feel like there are always random expenses that come up and you would want to account for these. If you have other sources of savings, easy access to help (i.e. parents would be able to loan $ if needed), or if your husbands company has been stable and is likely to provide more money, then it would seem this was more doable.

Edited to add: I didn't see anything about retirement savings?

Message edited 2/1/2011 10:47:15 PM.

Re: is this enough money left over after paying mortgage?

For me, personally no. DH and I want to have at least 1,000, if not more left over. For birthdays, unexpected events, and unforseen housing costs.

Re: is this enough money left over after paying mortgage?

I agree with PPs about taxes and insurance going up every year. And salaries lately, have not been. It all depends on how much DH would have after and how many times he would have quite a bit left after.


Also, are you saving before these numbers? 401Ks, retirement, investments, etc? If you are, I don't think it's so bad, but if not, I think you have to look into that first.

Re: is this enough money left over after paying mortgage?

no, not even close enough. things pop up all the time. i personally would never chance it with that little amount of money left

Re: is this enough money left over after paying mortgage?

We bought a house based on one salary. God forbid someone lost a job, or if one couldn't work, we just saved for another three years and put down a bigger down payment, knowing this was what we were going to do. We are so thankful we did it. So I am going to say no, it's not enough. Good luck with your decision.

Re: is this enough money left over after paying mortgage?