Personal Finance (Not Investing) • Buying my first house. Should I put down more money?

Image may be NSFW.
Clik here to view. Hello everyone.

I am buying my first house.
I’m 36 years old
Purchase price is 560k
Zillow says the house is worth 710k
I am still waiting on appraisal.
I have lived here for 10 years renting, it is a off market sale.

I am putting down 20% 112k
Interest is 6.99

Principal and interest, property tax and insurance will be $3653 a month.

Gross monthly income is $13,015 without counting investments contributions.

I still have 155k liquid left in a savings account after the 20% down payment and 15k closing cost, that I was planing to hold as a emergency fund or to hold incase some other opportunity came up. But I was wondering if it would be better to give a bigger down payment. Especially because of the interest rate and the monthly payment being on the high side. this will probably be the only house I ever buy, I don’t see myself ever moving.

I also have 200k invested between Roth and 401k and traditional ira all in target date retirement funds.
And my employer also offers a employer funded pension.

I’m sure there is no right or wrong answer.
I’m just looking for some advice.

Thanks!

Statistics: Posted by Thelastmileoftheway — Sat Jul 06, 2024 10:29 pm — Replies 11 — Views 632

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