I am just about to graduate from residency and we are going to build a house and I just got the est mortgage payment and I wanted to make sure I'm not overextending myself. I have 2 young children and my wife is staying home to take care of them for now.
My income will be in the 225k ballpark next year. I have 184k student loans that I am making minimal 90/mo payment on now. Other than cellphone/life/car insurance we don't have a lot of expenses. The house is about 500k and because I am buying prior to working a year I only qualify for an ARM (this is through the builders mortgage co) Est monthlyp is $3300.
I want to start saving and putting $ toward retirement, saving for the girls, etc. am I over-stretching?
I am a bit nervous about it.
My income will be in the 225k ballpark next year. I have 184k student loans that I am making minimal 90/mo payment on now. Other than cellphone/life/car insurance we don't have a lot of expenses. The house is about 500k and because I am buying prior to working a year I only qualify for an ARM (this is through the builders mortgage co) Est monthlyp is $3300.
I want to start saving and putting $ toward retirement, saving for the girls, etc. am I over-stretching?
I am a bit nervous about it.
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