I am trying to find out a realistic morgtage payment?
I dont really know how much taxes and insurance are on a home. when I look on realtor.com there are calculators for how much your payment would be, but I am assuming that is JUST the morgtage? If I can afford 600$ per month in rent, what kind of house price can I afford? 80k?
ok say 30 year fixed rate (seems common) and I dont really know what interest rates are right now, they are based on your credit right?
and probably a tiny down payment..5k maybe. I know this may sound rather unrealistic..but I have to start somewhere and figure out where I have to get to. I hate paying all utilities and rent for nothing
cradduck205 posted: 02 Sep at 4:09 pm
Your question has more variables than you have mentioned. The amount of house you can afford on $600 a month depends on interest rate, term of the loan (in years), and size of down payment. You need to know all these figures before we can estimate an honest value for the amount of home you can afford.
Kelle posted: 02 Sep at 5:01 pm
Make an appt. to see your bank manager. These are good questions that they regularly help people work out.I think some even have a booklet to complete.
I have a $250,000 home. I pay $1800 a month in mortgage fees, $3000. a year in property taxes,and $1000. a year for house insurance.
I live in Canada.
HEATHER posted: 02 Sep at 5:46 pm
Yes, the calculators on realtor.com are only for the mortgage payment and do not include taxes, insurance, and it also assumes you will be putting down 20% so you will not be paying PMI. Taxes are typically about 1% to 2% of a houses values per year, so on a $100K house they would be $1,000 to $2000 annually. As a general guideline, figure an additional $600 per year (or $50 per month) for homeowners insurance. These figures for taxes & insurance can vary greatly depending on where you are located. If you are looking in a county that publishes tax amounts online start looking up a few homes you like on realtor.com to see what the taxes are like. Ask people you know who own homes in the area what their insurance runs. Also, keep in mind that you will be paying additional utilities in a home that are probably covered right now if you are renting, especially if you are in an apartment. Heating and cooling bills can be substantial. It is hard to say how much home you can afford just by giving us what you pay in rent. An annual income that you are making, what your total debt currently is, how good your credit is, and what amount you will be able to put down as a down payment will give you more accurate answers.