MissMazelTov
MissMazelTov t1_iy9krkl wrote
Reply to comment by ProspectiveHomeBuye in Buying a house next year, what’s a reasonable budget for mortgage payment? by ProspectiveHomeBuye
You are not taking into account the expense of kids in daycare or any kind of emergency or home maintenance. It's not every month but houses need regular maintenance and it's usually not on your personal savings schedule. Our water heater just needed replacement, that's $1500 right there. Fridge crapped out, that's $2000. That's not even getting into the really expensive stuff like HVAC, roof replacement, etc. That combined with the costs of kids is going to eat up that extra $1300-1800 real quick.
MissMazelTov t1_iy8yg41 wrote
Reply to comment by ProspectiveHomeBuye in Buying a house next year, what’s a reasonable budget for mortgage payment? by ProspectiveHomeBuye
Yeah I would be a lot more conservative then until the kids are out of the daycare years or until you increase your income substantially.
MissMazelTov t1_iy8v87u wrote
Reply to Buying a house next year, what’s a reasonable budget for mortgage payment? by ProspectiveHomeBuye
Are you planning to have kids? Daycare can easily be $1000 a month per kid, and a lot of couples choose to have one parent stay home instead. I would want a lot more breathing room with the mortgage if kids are in the plans.
MissMazelTov t1_iy9l12a wrote
Reply to comment by raustin33 in Buying a house next year, what’s a reasonable budget for mortgage payment? by ProspectiveHomeBuye
Yeah, if OP is in a location where there's no "livable houses under $400k", $1000/mo for daycare is probably unrealistically low.