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Mortgage payments



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amother
Khaki


 

Post Fri, Apr 15 2016, 2:13 pm
How much is your mortgage payments per month and where do you live? Trying to decide where to buy a house that's affordable!
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amother
Smokey


 

Post Fri, Apr 15 2016, 2:16 pm
$4,000 a month, tax included, in Monsey proper.

What do you consider affordable for you?
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happybeingamom




 
 
    
 

Post Fri, Apr 15 2016, 2:18 pm
Mortgage payments are based on how much you borrow, so if I have a 5 million dollar house with a $100,000 mortgage my mortgage payment won't be a lot.

You need to know how much houses cost in the areas you want to buy, how much you can put down and how big the loan you need. Then you will know your monthly mortgage cost.


Last edited by happybeingamom on Fri, Apr 15 2016, 2:50 pm; edited 1 time in total
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gp2.0




 
 
    
 

Post Fri, Apr 15 2016, 2:34 pm
Also in some places taxes and insurance are $300 a month and in others they're $1500 a month.
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amother
Azure


 

Post Fri, Apr 15 2016, 4:49 pm
In Lakewood

$1550 per month = $1100 morgage + taxes and insurance

But that doesn't really help you because my home is very small + we put down $100,000.
So knowing how much I pay a month doesn't really tell you if house is size you need, if amount put down was huge, if I have a horrible interest rate compared to others because of circumstances, bought at height or best of the market, etc.
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