u/DLN74

Put in an offer yesterday and now panicking, first time home buyer.
Numbers are below

Property: 1,075,000
Down: 20% (215k)
Loan: 860,000
Rate: 5.0% on a 5/5 ARM (2% cap)
PITI + HOA: 6,058
Net take home per month is about 14,000
No debt, 1 kid and one on the way
Cars are paid off
Will have about 45k in savings left

Payment comes out to 27% of our monthly gross, 43% of our take home. We live in San Diego so high cost of living area.

Is 5/5 a good idea? We don’t plan to stay in the home longer than 5-10 years