I've started to budget the costs of owning a home as I am looking to purchase one in the very near future. I know that costs could vary from city to city but what are you paying per month on living expenses?
My combined stats with spouse:
Combined income: About $3800/month after tax and other deductions. Both vehicles paid off.
Home cost: $230k +$500 for inspection
Savings: $50k combined with spouse
Downpayment: Not sure if I'd like to do the minimum 5% so I have a back-fall or the 20% to avoid CMHC fees.
Monthly costs for 2 people
Mortgage: Around $985 with a 200k mortgage. Not sure if I should put 30k down or not
Property taxes: $215
Home insurance: $60? What is the standard cost?
Utilities: $90
Hydro: $70
Cable/Internet:$150
Food & toiletries: $600? Not sure as this will be my first time on my own.
Car gas: $240 for 2 vehicles
Car insurance: $250 for 2 vehicles
Cellphones: $100
TOTAL: $2760 per month.
This leaves me with about $1040 in savings per month if I am budgeting correctly. Is this a good per month savings to take care of unexpected items/entertainment?
Does that monthly budget seem reasonable? Too much? Too little?
Thanks RFD for any and all help as it would be nice to get some reassurance in my future steps!
My combined stats with spouse:
Combined income: About $3800/month after tax and other deductions. Both vehicles paid off.
Home cost: $230k +$500 for inspection
Savings: $50k combined with spouse
Downpayment: Not sure if I'd like to do the minimum 5% so I have a back-fall or the 20% to avoid CMHC fees.
Monthly costs for 2 people
Mortgage: Around $985 with a 200k mortgage. Not sure if I should put 30k down or not
Property taxes: $215
Home insurance: $60? What is the standard cost?
Utilities: $90
Hydro: $70
Cable/Internet:$150
Food & toiletries: $600? Not sure as this will be my first time on my own.
Car gas: $240 for 2 vehicles
Car insurance: $250 for 2 vehicles
Cellphones: $100
TOTAL: $2760 per month.
This leaves me with about $1040 in savings per month if I am budgeting correctly. Is this a good per month savings to take care of unexpected items/entertainment?
Does that monthly budget seem reasonable? Too much? Too little?
Thanks RFD for any and all help as it would be nice to get some reassurance in my future steps!