If you recently bought a house for $500k+

amother

Sun, Jul 23 2023, 9:57 pm

amother Blush wrote:

Bought 750k. Put down 20 percent. Interest rate over about 6.5. Don't know income. Tuition for 3 children. We work hard. Don't earn a lot. Hopefully will refinance as soon as possible.

What does not earning a lot mean if your mortgage is probably about 50k a year? Do you mean you don’t earn 450k but you do earn 175k?

amother

Seagreen

Sun, Jul 23 2023, 10:03 pm

bought a few months ago at $495k
interest rates high 5s
put down a little under 10% no closing costs
monthly payments $3900
not low but husband took side job just for mortgage payments

amother

Blush

Sun, Jul 23 2023, 10:05 pm

[quote="amother OP"]What does not earning a lot mean if your mortgage is probably about 50k a year? Do you mean you don’t earn 450k but you do earn 175k?[/quote

Self employed so don't recall exactly how much last year. Between 110 and 125k. We don't spend go on vacations cheaper tuitions relatively. Live quite simply. So far we pulling through

amother

Sun, Jul 23 2023, 10:07 pm

amother Seagreen wrote:

bought a few months ago at $495k
interest rates high 5s
put down a little under 10% no closing costs
monthly payments $3900
not low but husband took side job just for mortgage payments

What kind of side job? Looking for ideas

amother

Pearl

Sun, Jul 23 2023, 10:18 pm

amother Blush wrote:

Bought 750k. Put down 20 percent. Interest rate over about 6.5. Don't know income. Tuition for 3 children. We work hard. Don't earn a lot. Hopefully will refinance as soon as possible.

Do you really think rates will drop soon?

amother

Pearl

Sun, Jul 23 2023, 10:18 pm

amother Seagreen wrote:

bought a few months ago at $495k
interest rates high 5s
put down a little under 10% no closing costs
monthly payments $3900
not low but husband took side job just for mortgage payments

How did you not have closing costs?

amother

Blush

Sun, Jul 23 2023, 10:28 pm

amother Pearl wrote:

Do you really think rates will drop soon?

Mean like 2 3 years. As soon as it's under 5 percent.

amother

Seagreen

Sun, Jul 23 2023, 10:32 pm

amother Pearl wrote:

How did you not have closing costs?

promotion of the developers of place we moved.
south florida

amother

Grape

Mon, Jul 24 2023, 8:33 am

amother Mistyrose wrote:

bought at 1.6

put down 800k

paying 8k a month mortgage

8k mortage??
Wow that’s a lot !!
How do you afford that ?

amother

Mon, Jul 24 2023, 8:33 am

amother Mistyrose wrote:

bought at 1.6

put down 800k

paying 8k a month mortgage

What do you both do for a living? What’s your income? And how much tuition do you pay?

amother

Apple

Mon, Jul 24 2023, 9:29 am

How much is your gross income?
Around 200k
How much did you put down? (Did you have help for the down payment?)
20%
What interest rate did you get?
3
How much are you monthly payments?
Around 3.5k
ETA what was the purchase price?
700k

And while we’re at it- how many kids do you have and pay tuition for?
4 , 60k a year

what area did you buy in?
Lakewood

Good luck op!

amother

Viola

Mon, Jul 24 2023, 10:05 am

$850k house
$20k annual property tax
$150k down
4.875% interest
$5,300 monthly payment (includes property tax)
$23k tuition (1 school, 1 playgroup)
$300k income

Bought a few months ago.

amother

Plum

Mon, Jul 24 2023, 10:12 am

amother Viola wrote:

$850k house
$20k annual property tax
$150k down
4.875% interest
$5,300 monthly payment (includes property tax)
$23k tuition (1 school, 1 playgroup)
$300k income

Bought a few months ago.

How did you get such a good interest rate?

amother

Rainbow

Mon, Jul 24 2023, 10:45 am

This thread is so unbelievably depressing. I need to stop reading it, it makes me too angry at our situation. How is fair that because we didn’t have the money to buy a house last year, housing is now utterly unaffordable?

amother

PlumPink

Mon, Jul 24 2023, 10:52 am

Bought 5 years ago for $800,000 in Brooklyn. 20% down. No help. Gross income about $475,000. Tuition about $30,000 for 3 kids.

amother

Marigold

Mon, Jul 24 2023, 11:32 am

Bought 1 year ago for $545k. I think we put down about 5%, with closing costs we put down close to $30k. We did get help - my husband has some money that was left to him by a grandparent and we used about 15-20k of it. Our joint income is about $150k. Our monthly mortgage was $3900 at first but now it’s $4400 because we live in a city with crazy property tax increases. Our interest rate is about 4.9%. We have one toddler in daycare which is about $1k a month. We honestly feel very pressed for money but I still feel we did the right thing because there’s no way we could afford a house today. I am frustrated that the mortgage payment went up so much and I wasn’t really warned for that but it is what it is and I’m thankful we can pull this off.

amother

Clover

Mon, Jul 24 2023, 11:37 am

Closing on a house this week.
640k house
20% down, no help.
$300k gross income
5.8 interest rate
~$50k a year in child care costs.

nicole81

Mon, Jul 24 2023, 11:38 am

amother Rainbow wrote:

Move somewhere affordable. Still places with houses in the 200s and 300s. You just may not want to take the leap.