figs1023 OP t1_iuixd2w wrote on October 31, 2022 at 5:56 PM

Reply to comment by alexm2816 in 30 Years Old - Need Help Allocating my Income to Achieve My Goals by figs1023

It would technically be a $500,000 home, since it is being split equally between me and my partner. A $150,000 down payment leaves me with a $350,000 loan. That's a $2,446 monthly payment.

We would probably seek to find something where we could rent a room out (avg $1,000/month where we live, which would bring the loan down to $2,000/month for me), or buy the house and rent the entire thing out until our equity is high enough to afford to live in the whole house (or until rates are low enough to refinance and comfortably afford the monthly payments).

darkhorsehance t1_iuj0nlb wrote on October 31, 2022 at 6:18 PM

Don’t forget it’s going to cost you something to actually buy the house. In CA, most closing costs go to the seller but there are still buyer costs. You’ll also have a 12.5k property tax bill every year, homeowners insurance, flood/earthquake (maybe), gas/electric/garbage/water/internet/landscaping/etc, maintenance costs (on a million dollar house, expect around 10k a year, assuming no major work like roof), and furnishing the house when you move in.