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Reply to "Can we afford this cabin?"
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[quote=Anonymous]We have an opportunity to buy a cabin off market before it goes on the MLS. It's across the street from my parent's lake house that we've had since I was a baby so the selling neighbors would love to see us buy it. HHI $270k we are 31 and 33yo so planning on significant growth here Bought primary home for $325k in 2015, current value $410k Expenses: PITI on primary home $2500 Childcare $1850/mo, dropping to $840/mo in June, both kids will be in public school by 2025 Groceries $700/mo Utilities $220/mo Phones and internet: $200 Car payment $300/mo done in May Savings: $50k emergency fund Retirement on track- max out DH's 401k, both our Roth IRAs, and an additional investment account. Haven't done our taxes yet so don't have exact number on hand. Kids have $3k and $5k in their 529s (toddlers) No debt other than our remaining mortgage. Planning on our current home being our forever home. The house is being offered to us at $280k, comps are $265-290k so fair market rate. 20% down would give us a PITI of $1800 on this house [/quote]
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