As others have said you can do it on paper but if either one of you were to lose your job for an extended period you would be screwed with the amount of savings you have. You mentioned about 50K in cash, do you have any investments that can be liquidated if needed?
I personally would not be comfortable with a mortgage that high and $1000 in car payments. I assume you are not saving anything for when you need to replace the cars or major maintenance. If you buy a house that is more than 20 years old, things will need to be replaced. A new roof is 20k, HVAC 5-10k, ect., rule of thumb is about 1-2% of house maintenance per year, more if it's older for the first couple of years. Also if you are coming from a smaller place you will need furniture and a bunch of misc household items that you will need if you don't currently live in a house. It all adds up.
Will you be able to replenish your efund if you have to drain it?
7,800 - 2800 - 3400 = 1600, estimate increased utilities and housing costs at another $500 and you are left with about $1000 for all the discretionary items, are you comfortable with that?
You could ease back on the Roth contributions if things get really tight, but I personally would not be comfortable being in that position. Especially if you are planning to have kids down the line.
mxt0133 t1_iy9i7oi wrote
Reply to Buying a house next year, what’s a reasonable budget for mortgage payment? by ProspectiveHomeBuye
As others have said you can do it on paper but if either one of you were to lose your job for an extended period you would be screwed with the amount of savings you have. You mentioned about 50K in cash, do you have any investments that can be liquidated if needed?
I personally would not be comfortable with a mortgage that high and $1000 in car payments. I assume you are not saving anything for when you need to replace the cars or major maintenance. If you buy a house that is more than 20 years old, things will need to be replaced. A new roof is 20k, HVAC 5-10k, ect., rule of thumb is about 1-2% of house maintenance per year, more if it's older for the first couple of years. Also if you are coming from a smaller place you will need furniture and a bunch of misc household items that you will need if you don't currently live in a house. It all adds up.
Will you be able to replenish your efund if you have to drain it?
7,800 - 2800 - 3400 = 1600, estimate increased utilities and housing costs at another $500 and you are left with about $1000 for all the discretionary items, are you comfortable with that?
You could ease back on the Roth contributions if things get really tight, but I personally would not be comfortable being in that position. Especially if you are planning to have kids down the line.