I (29)M want to buy a house with my SO (25)F. Can we afford this? (Details inside.) personalfinance

My girlfriend (25) and I (29) are looking into buying a house. She is worried that we cannot afford it/ we'll be house poor. We live in an area with high population density and high taxes, but the county we live in currently is less populated and has lower taxes, so that's where we have been looking.

Recently we found a house for 125k that has been on the market for over 200 days. It is bank owned and has no structural issues whatsoever, and comes with washer/ dryer, and a refrigerator, so we won't need to buy those.

My girlfriends dad is a building engineer and he inspected the house for us. Obviously we will get an inspector from the state to be absolutely sure, but he sees no issues. The one thing we have to do is get the septic tested.

We are thinking of offering 90k to start on the house- my final offer would be 100k. I am approved for a fix rate mortgage through USAA for 145k. My girlfriend will not be on the loan- she has good credit (690) but it's new credit. My credit score is 740.

Last year, taxes on the house we want to purchase were $3800. It has a well. Heating is oil. Electric company is JCPL and it'd probably be about $70- $100 per month. On to our monthly income and expenses:

Me: I make $2400- $2800 per month currently after taxes. My current monthly expenses are as follows:

Phone Bill: $40 Car Payment: $300 Insurance: $115 Gas: $120 Groceries: $125 Cigarettes: $120

I have 6k saved.

Girlfriend: She makes $2,200 per month after taxes.

GF's monthly expenses: Car: $320 Insurance: $120 Therapy: $50 - $100 Groceries: $125 Nails: $25- $60 Gas: $120 Cigarettes: $100

Girlfriend has $1800 saved.

I want to put down $3000. I calculated $950 per month for mortgage, utilities, and property tax. I would split the expenses down the middle with my girlfriend.

We do not plan on ever having children, we do not have pets, we do not have college loans. I have $600 in credit card debt and my girlfriend has $500.

Am I forgetting any expenses I need to include? Can we afford this without being house poor? Any and all advice is appreciated. (I know quitting smoking will be something that will help us a lot with saving money.)

Submitted July 10, 2017 at 06:06AM by Flying_taco_circus http://ift.tt/2t3B4tQ personalfinance