ZachBurner OP t1_j6nm0um wrote on January 31, 2023 at 4:40 PM

Reply to comment by meamemg in I'm 25 in New Jersey and I'm thinking about buying a home instead of renting with my Girlfriend by ZachBurner

Yeah I meant mortgage payment sorry! The $1500 a Month would include property taxes, mortgage payment, and home insurance. Utilities will be extra ontop of that.

After putting some money in retirement and get taxed every two weeks I bring home about $1600

meamemg t1_j6nmrg7 wrote on January 31, 2023 at 4:45 PM

And how much of that ~$3,500/month were you saving every month? If less than $1,500, what cuts would you make to your budget to be able to afford the mortgage payment?

ZachBurner OP t1_j6nmzv5 wrote on January 31, 2023 at 4:46 PM

I save about $1700-2000 a month pretty much. I’m also trying to figure out if buying a home will make it so i can’t buy anything else for myself or go on any vacations again. I want to make sure I’m not burning myself

meamemg t1_j6nnlt9 wrote on January 31, 2023 at 4:50 PM

Sounds like things will be a little tight, but doable, in the short term. Longer term once your gf gets an income things should be more flexible. Or if you get a promotion/raise.

ChiMello t1_j6nndea wrote on January 31, 2023 at 4:49 PM

You need to budget to have money set aside for unexpected repairs too.

After utilities your mortgage would be around half of your take-home pay. It will be tight.