Financial Scenario Analysis
I’m considering a significant home purchase and want to assess the financial feasibility. Here are the key details of my current financial situation:
- Monthly mortgage (including taxes, HOA, insurance): $5,000
- Annual salary: $175,000
- Available savings: $125,000
- Planned down payment: $250,000
- Property value: $800,000
- Annual property taxes: $14,000
Potential Benefits
- Located in top school district
- Elimination of private school tuition expenses
- Approximately $1,200 monthly buffer after all expenses
Seeking Advice
I’m looking for insights on whether this mortgage commitment is financially prudent or if it might stretch my budget too thin. Would this be a wise financial decision considering my income and current savings?