I’ve lived in my home for 16 years. It was our first home and it’s 1657sq feet which is a little small for our family. It was $160,000 with 3.75%. With my 100% and no property taxes I pay $950 a month. We also owe $108,000.
We are contemplating a new home that is $550,000 and 3k sq feet. The mortgage rate is 5.76%.
I get 100% va disability and we bring in about $$8,000 a month. With a big down payment down the sell of our home we can get the payment to $1,800 a month.
Question: is it worth the increase in rent for a bigger and newer house?
Advice (should I buy a new home)
byu/Organic-Blueberry102 inMilitaryFinance
Posted by Organic-Blueberry102
1 Comment
$1800 should a reasonable monthly mortgage payment on $8000/month income. Are you on track with your other financial goals? Does it fit in your current budget?