Help me decide, very stressed out on home purchase

[StartingOver10]

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@Anonymous wrote:

The tax estimates are pretty good, at a rate of 1.82%. One car is paid off, the other has three years left on a 1.9% loan. I'm not sure refinancing would make much difference there. I'm not familiar with LPMI, but after reading about it that sounds like a good option to try for!

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How long have you had the current auto loan? If you have had it 1 year, I agree, that a refi probably won't reduce it much.

If you have had it two years its worth running the numbers because you are financing X less and probably can drop your payment $100/month (don't know the figures so you need to plug them in)

If you have a couple of thousand cash you can pay down too - it will help with the payment. Check the auto calculators using the rate you currently have on it.

I think the LPMI will be a great help to you too.

Your budget is tight - rework some of the figures given some of the info above. (Like your cell phone plan - guess I am spoiled with my $60/mth verizon unlimited text and phone and data)

[Lemmus]

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@Anonymous wrote:

...or buy something around 20 years old for around $330k, about $500/month less on the mortgage. I'm on the fence because given the lifecycle of things, 20 years is close to a new roof, furnace, a/c, etc. The upside is not having the added costs to install landscaping, a patio, etc. Interest rates are so low I don't know if it's better to scrimp by for a couple years or buy an existing home (or a "used" home as the builder's marketing people say). 

Any advice?

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...shop carefully, use a good inspector, check the building permits ...the risks associated with buying an older home can be reasonably ameliorated

...otoh $300 a month & change to cover all the oops that occur when you have two toddlers? ...been there, wouldn't try it again ...its just too tight imnsho 

...you're not under any immediate pressure to buy ...the market now seems to be betting rates won't rise this year ...you've got time to look for an older home that someone has put a lot of care into ...I'd think more in those terms than deliberately putting yourself in a financial straitjacket at your age ...just my opinion and worth what it cost you ...hth

[Anonymous]

The runner is thinking about-

"We priced a house out at $385k. The mortgage works out to be $2600, with PITI, with 5% down at 3.9%. After paying the mortgage and all other monthly bills, including groceries, we would have around $300/month left over"

Noway I'd do this deal.