A couple in their late 20s is closing on a Maryland townhome with a $560,000 mortgage and only $5,000 in cash. Their $4,038 monthly payment feels overwhelming with a combined $146,000 income and minimal debt. They put 20% down and have a tight budget with half their net income going to debts.

The 1,800 square feet townhome near a metro stop with multiyear warranties was purchased for $700,000, competitive compared to $1.2 million listings. Their long-term plan relies on the wife completing her PhD, expected to raise her income by $50,000, easing the monthly pressure and supporting their decision to delay having children.

After routine spending, about $1,000 remains each month. Unexpected repairs pose the biggest risk, but public transit access would help if their car failed. Commenters express concern about their high monthly payment compared to income and advise conservative spending until the wife’s income increases.

Read more at Yahoo Finance.: Did They Bite Off Too Much? New Homeowners With $560K Mortgage And $4K Monthly Bill Are Down To $5k In Cash