clydewolf

GoinPro05,

Thank You for your time and effort in our nation's military.

You have been busy saving. You did not say so I'll assume your $100,000 is in a taxable account and not in a tax deferred account.

To spend a few thousand dollars less, buy a 2-3 year old car. Most car manufacturers have program cars on dealer lots that sell for thousand's less than a new car.

Expenses for your home should not exceed 40% of your after tax income. That would include a mortgage, interest, utilities, insurance, maintenance, heat and AC, trash pu, telephones (including cell), TV, internet, water, sewer, etc.

Other expenses about owning a home, you want to make the home cofortable and that creates some additional expenses. Consider curtains or blinds at the windows, trash cans, door mats, rugs/carpets, and tools to do some yard work.

In 2 to 3 years you will not build much equity in your home unless realestate prices are increasing. Generally that is not the case today.

You should plan on putting down at least 20% of the sell price to avoid the PMI issue and cost. And at closing there are some other costs like property taxes paid by the previous owner. Here is a link to a closing cost calculator: http://www.countrywide.com/Calculat...ngCostEstimator

I hope all goes well with your new daughter, realize she will qualify you for a $1,000 tax credit, and a $300 stimulus tax credit, and an additional $3,500 personal exemption, next tax season.