My wife and I are first time home buyers.
We’ve fallen in love with a house listed for $625k, and are under contact with the seller. HOA is just $60, annual property taxes 4k. I don’t have an insurance estimate yet but say it’s $2.5k annually. We are putting $150k down for a 6.25% 30yr loan.
We both make combined approximately $212k annually. We have a 10 month old kid who’s monthly expenses are daycare $1700, and an additional $300/month on miscellaneous baby stuff.
We typically spend about $700 on food each month
Car running expenses are about $150 monthly.
Car insurance is $900 every 6 months.
I have no clue what the utility bills on this house are going to look like. But it’s a 2700sqft house.
There’s probably an additional $500 off monthly spending here and there that I cannot account for.
Are we spending beyond our means on this house? Please help. I know there are some very smart people here who are great with numbers. Thank you so much.