Hey everyone, I’m in a bit of a dilemma and could use some advice. My wife and I are house hunting in Utah and we’ve come across some new townhouses. The price tag is $375k with a 5.8% interest rate. We can put down $25k.
The monthly payment would be about $2,400, which is roughly 45% of my net monthly income of $5,500. It’s in a promising area that should grow in value over time.
I’m 28, making $100k a year with expected raises. My wife is finishing her nursing degree soon and currently brings in $750 monthly as a medical assistant. We’re planning on starting a family in about two years.
Right now, we pay $1,400 in rent and I manage to save around $2,100 each month.
Has anyone here dealt with a mortgage-to-income ratio this high? Is it doable or am I biting off more than I can chew? Any insights would be super helpful!
I’ve been in a similar situation, and I’d advise caution. While the property seems promising, allocating nearly half your take-home pay to housing can be risky. Unexpected expenses or a loss of income could quickly lead to financial strain. Waiting until your wife gains full-time employment after her nursing degree might give you a more secure financial footing. In the meantime, keeping your savings robust could allow you to explore more affordable options or strengthen your position when negotiating future terms.
I wonder if you’ve thought about how this mortgage might shape your everyday life? With family plans ahead, tweaking your budget could be key. Curious, what creative solutions might help balance your lifestyle and commitments during this transition?
bruh, that’s risky AF. 45% is waaay too much for a mortgage. what if somethin goes wrong? u’ll be screwed. wait til ur wife graduates n starts makin bank as a nurse. plus, utah’s housing market is cray rn. might wanna hold off n keep savin. jus my cents.