Hey everyone! I’m getting ready to buy my first house on my own and I’m feeling pretty nervous about it. The total monthly payment including mortgage, taxes, PMI, HOA fees, and insurance will be around $2,200. My monthly take-home pay is between $4,800 and $5,000.
I’d love to hear from those who’ve bought homes in the last couple of years. What does your monthly mortgage payment look like? What interest rate did you get? And if you don’t mind sharing, what’s your salary?
I’m trying to figure out if I’m in over my head or if this is normal for first-time buyers. Any insights would be super helpful! Thanks in advance for your input.
Have you considered exploring different neighborhoods or home styles for better affordability? What specific features attracted you to this house? I’m curious if you’ve weighed the long-term maintenance costs too?
I purchased my first home about 18 months ago, so I can relate to your situation. My total monthly payment comes to $2,400, which includes everything you mentioned. I secured a 3.75% interest rate, which I consider quite favorable given the current market conditions. My annual salary is approximately $95,000 before taxes.
Based on your numbers, it seems you’re in a similar position to where I was. The general rule of thumb is that housing costs shouldn’t exceed 30% of your take-home pay. In your case, you’re right around that mark, which is reasonable for many first-time buyers.
Remember, though, that homeownership comes with additional expenses beyond the monthly payment. Budget for maintenance, repairs, and potential upgrades. It’s challenging at first, but it becomes more manageable over time as your income potentially increases and you adjust to the new financial reality.
bought my place last yr, payin 2100 a month. got 4.2% interest rate. make bout 85k before taxes. ur situation seems ok but make sure u got some savings for unexpected stuff. first year can be tough but it gets easier. good luck!