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Do you have a very high mortgage?
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amother




OP
 

Post Wed, Feb 24 2021, 7:36 pm
Wondering if it’s insane to take on a mortgage of 4400 dollars. Yes we can afford it but still...
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amother




Slateblue
 

Post Wed, Feb 24 2021, 7:38 pm
Yes. It is insane. We have one and we could afford it at the time, but mazel and Parnass are more fluid than we would like to think.
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lk1234




 
 
 
 

Post Wed, Feb 24 2021, 7:39 pm
That is very high, however as long as it is not more than 25% of your monthly income then it's fine.

Rates are low now so it's a great time to take out a mortgage and invest elsewhere.
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amother




Navy
 

Post Wed, Feb 24 2021, 7:40 pm
Is it a 15 or 30 year? We have a very high mortgage bec it’s a 15 year. If it gets too difficult we can always switch to 30. We would never take out such a high mortgage for 30 years though.
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amother




Fuchsia
 

Post Wed, Feb 24 2021, 7:46 pm
amother [ OP ] wrote:
Wondering if it’s insane to take on a mortgage of 4400 dollars. Yes we can afford it but still...


Is that amount including taxes and insurance?
Or just principal and interest?
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amother




OP
 

Post Wed, Feb 24 2021, 8:14 pm
amother [ Fuchsia ] wrote:
Is that amount including taxes and insurance?
Or just principal and interest?

Including taxes and insurance
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amother




Floralwhite
 

Post Wed, Feb 24 2021, 8:17 pm
amother [ OP ] wrote:
Including taxes and insurance


Including taxes and insurance our mortgage is a little over $6k a month. We live in a high cost of living area so that’s actually on the low side. If something is crazy all depends on your income, other expenses, other housing options, etc.
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amother




OP
 

Post Wed, Feb 24 2021, 8:17 pm
amother [ Slateblue ] wrote:
Yes. It is insane. We have one and we could afford it at the time, but mazel and Parnass are more fluid than we would like to think.
you have a very high one and can’t afford it anymore?
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amother




Brunette
 

Post Wed, Feb 24 2021, 8:18 pm
Do you bring home over 17k per month?
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amother




Turquoise
 

Post Wed, Feb 24 2021, 8:29 pm
Our mortgage is 4200. It’s definitely high but living where we live there was no other option. Yes we struggle because as the kids grow older there are more expenses. For instance the older the child the more the tuition is raised, the more clothing costs, the more things they need..
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amother




OP
 

Post Wed, Feb 24 2021, 8:35 pm
amother [ Brunette ] wrote:
Do you bring home over 17k per month?

After taxes around that but it fluctuates sometimes more
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amother




Amethyst
 

Post Wed, Feb 24 2021, 8:38 pm
Depends
Are there cheaper options for houses?
Or is this the norm for where you live and what you need
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amother




Mauve
 

Post Wed, Feb 24 2021, 8:38 pm
Mine is lower than that (3400). However, as someone in the mortgage business, lots of ppl are taking loans thay size. Housing went up and mortgages cost more money. Moat of my siblings just nought houses. Mortgages arw mostly 3500 to 4000 a month.
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amother




Slateblue
 

Post Wed, Feb 24 2021, 8:39 pm
amother [ OP ] wrote:
you have a very high one and can’t afford it anymore?

Definitely not as comfortably as we used to.
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amother




OP
 

Post Wed, Feb 24 2021, 8:41 pm
amother [ Mauve ] wrote:
Mine is lower than that (3400). However, as someone in the mortgage business, lots of ppl are taking loans thay size. Housing went up and mortgages cost more money. Moat of my siblings just nought houses. Mortgages arw mostly 3500 to 4000 a month.
good to know. Yes, housing has gone up and it’s a sellers market making the decent options few and far between.
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amother




Fuchsia
 

Post Wed, Feb 24 2021, 9:20 pm
amother [ Fuchsia ] wrote:
Is that amount including taxes and insurance?
Or just principal and interest?


If this is in the tristate area, it's definitely not unheard of. How much is the principal and interest only? That's the number that stays the same for the life of the mortgage ( unless you refinance). Taxes and insurance can change.
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amother




Burgundy
 

Post Wed, Feb 24 2021, 9:40 pm
amother [ OP ] wrote:
Wondering if it’s insane to take on a mortgage of 4400 dollars. Yes, we can afford it but still...


On new construction in Lakewood, it's making sense. It's really high, but looks like it's only getting higher?
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amother




Powderblue
 

Post Wed, Feb 24 2021, 9:46 pm
You don’t want to know what my mortgage is. We live in a very expensive place.
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amother




OP
 

Post Wed, Feb 24 2021, 10:10 pm
amother [ Powderblue ] wrote:
You don’t want to know what my mortgage is. We live in a very expensive place.
now you made me curious Wink
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#BestBubby




 
 
 
 

Post Wed, Feb 24 2021, 10:22 pm
If you can afford it now and there are no cheaper option in your neighborhood - go for it.

Over the years, the mortgage gets "cheaper" as it stays the same, while rents always keep
going up.

Also a house is a good investment and you are gaining equity.

Always encourage everybody to buy a house - even if the mortgage is high in the beginning.
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