I just bought a house and have a doubt about a affordable , reasonable mortgage? What do u think is $$ including taxes
Most Helpful Girl
I feel like, prior to buying the house, you would have figured out what the mortgage would be. Like... I feel like that's something your bank tells you. Or realtor. Or seller. Or calculator.
And you should know what you can afford prior to buying it.
I just feel like that's something people figure out prior to buying houses.
All that to say... I have no idea what a reasonable cost is. But I do know that houses are big investments and typically people only buy within their budget.1
Most Helpful Guy
Sounds like you have your spending properly allocated. Based on what you have given your gross per month is about 6.5k. So that puts about 1/6th of your funds going towards your mortgage. I have read that analysts recommend less than 30% of your income towards rent or mortgage. You are way below that average and your tax breaks versus mortgage interest should go a long way with annual deductions. Just make sure you are on par with your savings. 10-20% should be devoted monthly towards retirement in some way or fashion. If I could go back 20 years and put forth more effort towards retirement I would be feeling very good right now.
After two years of paying on that mortgage and controlling any other debts you should be set to refinance at a 3.9% or lower. That will likely drop that payment from 1250 to 800 per month, which will give you even more breathing room.
Sounds to me all you need to do is stay the course and plan ahead and you will do better than 90% of the US in twenty years.1