r/MortgageRateCheck

I just bought my first home. I'm in my 60s. I was tired of living alone and afraid all of the time living in dangerous but affordable neighborhoods. I only make $60k a year and I'll never make more than that in my lifetime. I won't be looking at retiring. Ever.

Used to be able to spend at anytime. Do anything. I don't have dependents or even grandkids.

Now, because of my mortgage payments, I'm living on about $600 a month after-mortgage auto-pay.

With that $600, I pay my water, gas, electric, hygiene and household supplies, and car fuel and maintenance. I have very little left for pet food and groceries.

I have a small emergency "house-issues" savings that I don't touch.

I have about twenty or so credits card, all of which are at zero balances except for one that I use for auto-pay for insurance, security, and phone/internet bills.

And I have a line of credit at my bank that I have a $7000.00 balance on and which I pay twice a month to pay off as quickly as b possible.

My taxes are paid with my yearly bonus of $4k every year in March. Just in time for Tax Month in April .

I am very tight on free-flowing money since I bought this house. It's a new reality for me.

Recently, I've discovered food pantries and also dog pantries.

I am saving hundreds a month and thousands a year by utilizing them.

I am a pescaterian and don't eat meat. Which works out well with the abundance of vegetables and fruit I get for free from pantries.

I also get free dog and cat food and pet supplies including kitty litter for free from the local pet shelter and animal humane society.

My life now is spending my weekends standing in line for free groceries on Saturdays and free pet food on Sundays. And sometimes I even donate plasma for a little extra money.

It is now my routine to drive to the pantries.

I am literally "house-poor" now. I've discovered that's a real thing.

But, I'm staying above water. I have a quarter acre that my dogs can run free on. I live at a cul-de-sac in an older but safer area of town with good neighbors around me. I can sit on my front porch without being afraid. I can sit in my back yard without worrying someone is out there. I can sleep in peace. So for me, it's all worth it.

My wife and I are 35 and 30 years old. We recently built a beautiful home, and our combined annual income is about $341,000. We max out our 401(k) retirement contributions every year and built the home within a responsible budget.

We had approximately $200,000 in equity from our previous home, which we used toward the down payment on this new home. We also received a $50,000 builder incentive, which we used to buy down the interest rate. Rates started dropping shortly after we had the incentive signed in writing, so I think that combination helped us secure a strong rate. We are now locked.

We have two young kids, ages 8 months and 3 years, and we expect some expenses to ease once they are both in kindergarten. We completed a budget analysis before purchasing the home, but I still cannot help but ask: How did we do? Did we get a good deal?