I think it’s normal to feel a bit nervous after taking on a new mortgage, but I need to talk this out.
My wife and I make a combined total of 216.5k gross income and bring in about 11,500 a month net after contributions to her 401k, my pension, and health insurance.
We just bought a house for 675k, which is actually cheaper than similar houses around here, and it appraised for more than we paid.
We put down 20%, so our monthly payments including taxes and insurance are 4100, which is about 35% of our net monthly income.
We also have car payments of 1,000 and student loans totaling 800 a month, which brings us to 51% of our net income going toward debt.
On top of that, we have a baby on the way, which was a major factor in deciding to move. We wanted a better home in a good school district. By the time daycare kicks in, our car loans will be paid off (they’re almost done).
After covering all bills, utilities, loans, groceries, and smaller costs (like dog insurance and streaming), we’ll still have 3500 left for savings and fun. We have around 175k in savings and plan to build a deck soon, but we always want to have at least 8 months of expenses saved.
So, am I going crazy here? I used to look at these numbers and think, “We’re good,” but now I can’t shake this feeling like maybe I made a mistake.
Daycare will be a big expense, but with the car loans gone, it should be manageable. Plus, we’re not at the top of our earning potential yet, and raises are coming.
Honestly, it feels good to talk this through. Any advice or thoughts would be appreciated.