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Curious what y’all think. I’m extremely happy and proud of my girlfriend and I… please share your thoughts or reach out w any additional questions.

My girlfriend and I signed off on a brand new construction build in Menifee, CA at the end of March. The builder is Lennar and we were able to negotiate a couple of incentives. All closing costs completely paid for, buy down rate for 30 yr fixed @4.99, discounted upgrades through design center, and 2 years of free HOA.

Here are our income details. Combined income 110k with 40k in student debt (in deferment). Zero credit card debt, no car loans, etc.

Home financial details below: Home purchase 497k (it’s already gone up 20k so we have unrealized equity so far) 13k homesite premium (new lots require this) 16k solar panel system 16k ceramic tile flooring upgrade.

542k total with 42k downpayment at closing.

More details $100 monthly HOA $200 monthly PMI $795 yearly home insurance through Lennar tax rate with supplemental assessments included is 1.9%. (This one hurts) it’s roughly about $9500 yearly. We have no kids just 2 dogs. I am 25 she is 23. 4 bd 3 full bathrooms 2600 sq ft, 7000 sq ft size lot.

All in all, it’s about $3800 monthly for 30 years but we plan to pay $4500 a month to get it closer to a 15-20 year term.
We make very little money but we are beyond frugal. In the past I’ve accumulated over 100k in less than 5 years, but unfortunately most of it is upside down (stock market Yolo mistakes).

We are very excited to be moving in end of August and have already reached out to local utility providers to get concrete numbers on what our expenses will be.

We plan to refi if rates get below 3% in a few years, plus by then PMI will get waived. Every whole percentage is almost $400 in savings per month so if we get lucky in about 5-10 years and lock in at 3% plus no PMI…. our monthly mortgage impounded with everything will be 3k.

What’s your opinion?

submitted by /u/TeslaNioBull
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source https://www.reddit.com/r/RealEstate/comments/13vsfjv/curious_what_yall_think_im_extremely_happy_and/
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