for 3k monthly mortgage and just starting the mortagage, the interest is definitely higher than the standard deductable, besides LZ does not have any child, so the standard deductable is even less.  Mine has almost 20k interest for only 2/3 of a year last year.  She also has property tax to deductable too. She'd better use itemized deduction.  My current one is brandnew. This is my second house.  My first one is also a brandnew.  I don't see there is too much trouble there for maintening. We painted our house by our own with 6 colors, which only cost us less than 1k, including 20 gallon paint and a 20 feet tall ladder from Lowes. The paint accessaries are nothing in cost. The curtains or blinds may cost a lot, but normally they are about 1% of the house price for blind.  You don't have to buy all the furnitures all at once.  If you really do things that way, you will regret some day later on.  You want to buy the best that fit your whole house style, this, in another way delays the financial pressure.

I don't have to buy all the maintainence tools because I got it from our first house, this is one part that LZ needs to consider if she is buying the first house.  But again, my loan is actually more than LZ, and maintenance power tools range from $100 to several hundred dollors.  Refrigirator is only 1k-2k. I think 5k can cover all.

Things may be a little bit tough for the first 2 years.  But after that you will feel much more comfortable.  And you family income will increase yearly even it is a small amount, but your mortgage won't increase.  There are also chances of refinance which will even lower your mortgage. The only thing I regret in my house hunting is that I did not buy the larger house for my first one.  So I learned and I bought the highest one I can afford the second time. 

I would only consider 30yr fix for more than 400k, otherwise, you are pushing yourself too much. 

You should also have some furnitures when you are renting, right?  Why don't you use those furnitures?  At least I bought decent furnitures even when I rent...

Tools, Furnitures and blinds are all one time cost.  I don't think there is any trouble at all. 

Anyway, there is always risk for housing ourchase.  It all depends on how much risk you can try.

I agree new owners should be careful about the extra cost.  However, they should also know what can be done or not.  Checking your monthly expense, I saw at least the utility, auto cost depend on the locations.  At least I don't have that much utility and auto cost.  With $2500, they should be able to dine out, shopping as usual.  The furniture cost you spent is also a one time cost too.  With over 20k interest, you can get the tax refund for vacation, which is the way we do now.

Like I siad, it will be tough for the first 2 years, but LZ can adjust the 401k deduction.  I only make sure to match the company's contribution.  If we need more money, we'll just change the contribution.  The house is just another retirement fund.  Shorterm it may be flat or down, but long term would be OK. I hate renting. So for self-living not investment on house, my opinion is always to buy it regardless market, and enjoy life as early as possible. 

We also need to buy several rooms' furnitures.  But furnitures are not that expensive as long as you don't buy famous brand ones.  I don't think they put all the money into the house.  No one would do things like that. Dining room set in costco is only around 1k.  living room set is about 1.5k and above.  Bedroom set may vary, but also not that expensive.  These furnitures are all mid-class people buying, should be fine, right?  Then the total cost is also limited.

BTW, you are too modest.    I saw your posts, your house is nice.

......

I feel i am too TANG these days.  It is all due to the damn "vacation" I am having now. 

[此贴子已经被作者于2007-6-8 14:39:09编辑过]