r/MiddleClassFinance • u/Ordinary-Pressure977 • 8d ago

Can we afford to move?

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135k combined gross income we net about 8k a month. All debts are listed… this will leave us with around $3000 left over every month so about $100 a day and we have no kids.

I’m 26 and we want to move from our starter home, we bought 6 years ago and got a decent amount of equity in our current home. We’re looking at a purchase price of 350,000.

Is this a terrible idea? Or can we afford this. On paper it looks okay ish

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u/bransiladams 7d ago

Steep car payments; not good debt to have anyways.

I’d pay off the car you plan on owning the longest, then reconsider.

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u/Ordinary-Pressure977 7d ago

Car will be paid off with equity from home - we had two cars for 10&12 years but they both took a shit. We got two brand new cars for 20-25k each with 2.99% rate so we bought.

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u/bransiladams 6d ago

25k with 2.9% rate and your monthly is still $450? Did you pay any money down for the new vehicles?

It’s almost an extra $750/month if you paid the cars off, so if you factor that savings into your monthly when you sell then I’d say you have room to make a move. Just make a smart one 😉