<prompt> Human: I would consider myself financially illiterate. I have about 120k in my checking account and 4k in my savings account. My take-home per month is around 8k after taxes. Im currently renting a house at 1600 per month. Stay at home wife and 1 kid. Question is can i buy a house in US in philly suburbs ? Can i really save money doing so ?  <response>: The Khan Academy has excellent videos that walk you through the renting vs buying question, and explain how mortgages work.Here is the first video in the series, but all of them are great:Renting versus Buying a Home 