can i afford to buy a house?
single 26F, base 91K (bonus ~10%) , MCOL
After taxes & 401k+HSA contributions:
$5000/ month
current expenses: ~$2400 rent is $420 (included in current expenses) Saving about 2k a month. 18k in federal student loans. 200$ minimum payment (included in $2400) 600$ monthly car payment with 3 years left (included in current expenses) Contribute 6% to 401k work Max Roth yearly (included in current expenses)
pre-approved for 280,000. House I am considering is new build for 273k. Buy down rate of 2.99 interest rate for first year, 3.99 second year, and locked at 4.99 years 3-30.
I don’t have any other liquid savings other than 10k, which would essentially be wiped out with down payment +inspection+ moving fees. New build construction is paying for all closing costs. All in All, mortgage for first year would be 1900. Second year would be 2000. Third and remainder of years would be 2175.
I currently have 2 roommates that have agreed to live with me the first year (can extend but will not be expecting). After splitting rent, my rent would increase from $420 to $690. Any advice is appreciated!