How much mortgage is too much mortgage?
First time homebuyer here. My husband and I have worked so incredibly hard to get to the point where we can finally buy a house, but want to make sure we don’t overdo it. We got our preapproval letter last week and are starting to look at homes.
We are looking at a hypothetical mortgage of anywhere from $2600-2800 per month. Without this, our bills on top of this are about $3700. Unfortunately, I pay about $1500 a month in student loans, which makes up most of our bills. We also have a child in private school and another child on the way that we will need to pay daycare for. Combined after taxes, my husband and I bring home $9700 per month, so this leaves us with about $3200 a month for food, gas, clothing, and other expenses. I automatically save for retirement out of my paycheck and my work doubles my contribution, which I’ve been told is pretty unheard of.
Just want to make sure I’m not getting ahead of myself here and taking on a mortgage I can’t handle. I will say, I will only have to pay on my student loans for 4 more years and then I will be eligible for PSLF (Public Service Loan Forgiveness) since I’m a nurse.
Any and all advice is appreciated. Thank you! 😊