First time home buyer budget
Hi, me and my spouse are looking to buy a 630k house on the south shore of Montreal. House is fully renovated. This is how our finances go, all monthly in CAD and we have 0 debts (both cars paid, credit cards empty):
Total salary after tax deductions: 9200$
Monthly Payments: 6566$
- Groceries: 1000$
- Subscriptions, internet, fuel, hobbies, cat food, etc..: 700$
- Mortgage (3264$), taxes (262$), electricity (290$), insurances (50$)
- Eventually a child, not sure exactly the cost but I've read that 1000$ monthly is enough for a newborn.
Leaving us with an extra 2634$ monthly. I'd have 4-5 months of advance after down payment, depending on closing costs. I also have a ~7000$ yearly bonus deposited directly in RRSP and ~6-8% raise every January, meaning salary will be slightly increased by the time we're fully moved in. I win about 6700$ of our total salary, meaning maternity leave shouldn't have too much of an impact.
Am I missing anything? Does that budget look too optimistic? Any advice?