Could I afford to live on this?

[mi26]

I'm saving about 1000 dollars every 2 weeks, give or take some depending on things that arise. My expenses are minimal as I stated earlier. I've never had my own apt. as this would be my first place. I thought about renting, but most apartments in my area are 800 a month. So, for 200 extra dollars I can get a house....

[MaseMan]

I would work on getting your income up a little bit more before buying a house. You can buy a house now, but your budget is going to be extremely tight. You can always keep saving more, and this is going to reduce the size of the mortgage you will need with a bigger downpayment.

[20yrsinBranson]

Originally Posted by mi26

Looking for some advice:

I'm recently started in the work-world and looking to buy a house. My current take home is 2500 a month without OT. With OT sometimes close to 3000 per month. I am looking at a house that would have mortgage/insurance/taxes of 1080 per month. Would this be possible? I have no other debt aside from other fixed monthly payments. Any help would be great. Thanks

In addition to the mortgage/insurance/taxes, there are usually many other expenses involved in being a home-owner. Routine maintenance, remodeling-upgrading (including landscaping), repairs, HOA fees (if applicable), utilities, etc. Even if your salary were 3000 per month I would not recommend a house payment that is more than 30 percent of your income. You simply do not have enough "wiggle room" to handle unexpected expenses. This is assuming that you have NO OTHER DEBT at all.

I don't know where you live or what your housing market is, but I would certainly look at something less expensive, or rent for a couple of years and build up a larger down payment, if I were you.

20yrsinBranson