I'm living at home right now but have saved up a lot for a 20% down payment and closing costs and initial things I'll need to buy once I move in. After the 20% down payment, closing costs and furniture, appliances, etc I'll have about $12,000 left over, this includes 6 months living expenses.
Monthly income:
$2,300 - (income after taxes, insurance, 401k contribution 10%, etc)
Monthly Expenses:
$650 - mortgage (15 year fixed rate, includes taxes and insurance)
$250 - electricity / gas (estimated)
$225 - car gas (be living 23 miles from work, currently live 30 miles away and spending about $250)
$100 - car insurance (22 year old with newer car, 2011)
$62 - cable ($62 first 12 months, $100 total 12 months after, direct tv)
$42 - Internet (lifetime gauranteed rate, windstream)
$200 - food (estimated)
$100 - TP, detergent, etc (estimated)
$100 - repairs / maintenance (assumes the house checks out for no big current repairs like roof etc)
$100 - clothes, grooming, deodorant, etc (estimated)
$200 - Roth ira (prefer to contribute but can be optional)
Total Monthly Expenses:
$2029 (estimated)
Extra Monthly Spending Money:
$271 (estimated)
Plus there's entertainment, birthday gifts, holidays, etc.
Is this enough monthly left over money to move out and buy a house right now?
Read more: Should I buy a house if I don't have much money left over?
