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Calculator says I can afford house - looking for real world opinions

Me: First time homebuyer

35 y/o, Female, single, no kids. Not really planning on getting married anytime soon. Credit score near 800.

Income: $125k/year, stable job. Monthly gross income before taxes and deductions is approx $10.5k/month. After taxes and retirement contribution (maxing out my 401k), my take home is about $5600/month.

Current Savings: $165k in cash savings account, $220k in retirement accounts

Debt:

120k student loans, which are projected to be entirely forgiven in 2025 under public service loan forgiveness. Monthly payment is $650 until they are forgiven.

Car: $600/mo, paid off in 2 years.

No other debts.

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House is listed for 470k. Don't plan on offering above asking. Monthly PITI is approx $2300.

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I seem to be in the clear of the 28/36 rule for DTI, but am worried I'll be cash poor. I was planning on putting 20% down, and working hard for a couple years to pick up overtime and keep the spending to a minimum to get the mortgage balance down.

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Just hoping to get some feedback on my financial picture for this house. It's such a big investment - first time homebuyer. Thank you for reading.

submitted by /u/raji4858
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/no4mnf/calculator_says_i_can_afford_house_looking_for/
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