Submitted by CurlyQ04 t3_11onnqt in personalfinance
Condo:
- $650K
- HOA $560/month
- Utilities $300/month
- Property Tax $530/month
- Home Insurance $230/month
- Base Mortgage $2,240/month (5.375% Interest and $250K down)
- Overall Monthly Cost is $3,860
Expenses:
- No debts, loans, and car is paid off
- I spend about $2K/month between groceries, gas, car insurance, subscriptions, and factor in flights and gifts throughout the year
- Overall Other Expenses is $2,000
Income:
- $190K Salary. Monthly take home after taxes and 401K deductions is about $8,600. This is all base, no stocks. I do get bonuses and am not counting those since they vary.
- Currently have about $70K in savings, $60K in a brokerage, $50K in 401K
So after all expenses and contributions I would have about $2,740 to put into savings every month. I plan to stay for a minimum of 5 years. Building is 4 years old. Amenities include gym, pool, 24hr concierge, storage unit, sky park, entertainment center, and pet grooming center. Does this sound reasonable?
Edit: I live in a HCOL area, North Virginia. 23 with no kids, no pets, and no plan to have any in the future. I prefer low maintenance living vs caring for an entire home and willing to pay more for that. Yes, $500 for hoa is normal in this area. 5.375% interest rate is for a 5/5 ARM.