Reply to Am I crazy for thinking that we could afford this?

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Reply to "Am I crazy for thinking that we could afford this?"

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[quote=Anonymous]You need to add into your mortgage estimate cost of escrow (taxes and insurance), you also need to save for closing costs unless your strategy is to get the seller to pay your costs, which in this market isn't as likely as it used to be.  
If you buy a town home there might be Monthly HOA fees which could be nothing to laugh at, another unexpected expense.

You also need to budget for childcare, even if you think both grandparents will want to provide 5 day a week Fulltime childcare, listen to all us seasoned parents on here who are warning you it is NEVER a guarantee or you may not like how they tend to your child.  Go to the family relationship forum, there are tons of threads on this.   This is a huge deal.

A good childcare center usually runs between $1200 to $1500 a month for an infant.  An at home day care is usu less and a nanny is usu more.

I would advise to consider a smaller house/town home or maybe even think about a condo, at least for one kid it is doable.  [/quote]

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