Signed a Contract...should I back out?

[Brady Schvaneveldt]

I am a new investor and I signed a contract in Lehi Utah for a new build.

The townhome is 321k for 3 bed, 2.5 bath, and unfinished basement. I am feeling sick about the decision it feels like so much money! My estimated monthly will be $1500. I’m single, I teach school and make about 3k a month, and am thinking about grad school. I’m wondering if I’m firing too early and should wait.

I have 5 more days before I can get my earnest money fully refunded.

Can anyone relate to my anxiety??

[Doug Pintarch]

Did you drain all your savings for the downpayment?   When will the build be complete and ready for you to move in? 

That's a large chunk of your monthly income to go to that mortgage, if your $3000 number is gross income.