Can we actually afford this? Please help
Ok so we are looking at buying a 470k home, but the taxes are quite high on it at around 9500 a year. The mortgage after down payment will be 3400/month.
Here are our finances.
Gross yearly is 196k (Doesn't really mean anything)
Net Monthly is $10183
Bills
2 car payments $960
Credit Card payments $556
Phone bill $220
Internet $110
Medical $100
Car/atv insurance $300
So this is pre grocery/utilities/gas. At $2246
Add the mortgage to that and we would be at $5646
This would leave us with $4537 a month for miscelaneous expenses like food/utilities/going out/ subscription services.
Is this going to turn out to us being house poor?
Second scenerio is we pay off the medical and most of the credit cards. Changing medical to 0 and Credit card debt down to $100 dollars on a 0% interest card. This would change our amount left over to around 5k. Not sure if that is really a huge difference.
So would this be a crazy purchase? Would we be in trouble financially?