depends on whether you think this could be a forever home for you. If yes, 350 might be ok. however, seeing that you make $130,000, somehow I don’t think you are thinking of this home as a forever home.
If you are thinking of living in it for a few years, and then rent it out, then the math wouldn’t work. 350,000 at 6% would be 2100. plus that 2% property tax and MR = 3500 + 4400 = 7900/year = 660/month + $100/month in HOA = $760/month. So you’ll be looking at $2100 in mortgage + $760 in hoa/MR/property tax = $2860/month. your current rent is $1400, so the price to own would be 100% of your current rent. meaning you will be putting in another $1400 a month on top of what your tenant pays monthly. that will prevent you from moving out of this house ever again. this goes back to my first question: do you see this as a forever home?
waiting hawk: what happened to you? let me know if you decide to change your mind and re-activate your blog so I can put you back on my links.
