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re: Help determining how much mortgage I can afford
Posted on 4/17/15 at 8:17 am to PhiTiger1764
Posted on 4/17/15 at 8:17 am to PhiTiger1764
While I agree with avoiding PMI, it's really not necessary at all these days.
My wife and I just sold our townhouse and we are in the process of building our "dream home".
I'll probably break the money board with this one.
With all of our upgrades and changes we will come in around 343k. We make about 125k a year. We live solely off my salary and save every penny she makes.
We got 4% with lender paid PMI, putting 10% down. Expecting to have a 1500-1600 payment, which isn't an issue since we are used to paying an $800 mortgage plus saving my wife's income.
I'm sure some would say we got too much house, but we wanted to get something to grow into.
My wife and I just sold our townhouse and we are in the process of building our "dream home".
I'll probably break the money board with this one.
With all of our upgrades and changes we will come in around 343k. We make about 125k a year. We live solely off my salary and save every penny she makes.
We got 4% with lender paid PMI, putting 10% down. Expecting to have a 1500-1600 payment, which isn't an issue since we are used to paying an $800 mortgage plus saving my wife's income.
I'm sure some would say we got too much house, but we wanted to get something to grow into.
1
Posted on 4/17/15 at 7:04 pm to BoogaBear
How hard did you shop for rates? Some of the local banks will work with you on the PMI. Its a worthless $100 or more you are just throwing away each month. If you do an amortization table, you will see how much money in interest you are costing yourself by not applying that extra $100 to your note or, as many here would say, investing.
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