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Started By
Message
re: Over/Under $1443 per month spending for housing?
Posted on 5/15/18 at 9:44 am to Will Cover
Posted on 5/15/18 at 9:44 am to Will Cover
Under. 30-year fixed, no PMI, and we put a lot of money (50%) down. Our total payment each month is right around $950.
2
Posted on 5/15/18 at 10:18 am to Powerman
Its not. I pay about a note and a half extra per year right now.
I drive a 16 year old truck too
I drive a 16 year old truck too
Posted on 5/15/18 at 10:20 am to crispyUGA
quote:
and we put a lot of money (50%) down
Damn that is a pretty big down payment
Posted on 5/15/18 at 10:20 am to crispyUGA
quote:
Under. 30-year fixed, no PMI, and we put a lot of money (50%) down. Our total payment each month is right around $950.
I'm curious as to why you didn't just put a little less down and do a 15 year note. Was the interest rate less? Seems you'd save doing a 15 year note in this scenario.
Posted on 5/15/18 at 10:49 am to Will Cover
Under - my house is paid for
Posted on 5/15/18 at 10:51 am to Will Cover
Under. Mortgage payment + HOA fee ($550/year) is about $1300.
$200K 30 yr fixed @ 3.625% with no PMI.
$200K 30 yr fixed @ 3.625% with no PMI.
Posted on 5/15/18 at 10:53 am to Will Cover
shite.
i'm not sure you could even rent an apartment in the Houston area for that much baw.
i'm not sure you could even rent an apartment in the Houston area for that much baw.
Posted on 5/15/18 at 10:54 am to MrJimBeam
quote:
I'm curious as to why you didn't just put a little less down and do a 15 year note. Was the interest rate less? Seems you'd save doing a 15 year note in this scenario.
We have a 3.25% interest rate and we wanted to keep our minimum payment under $1000. We pay about $300-$400 additional to the mortgage each month to pay it off faster. We wanted to keep the monthly payment under $1000/month in case one of us loses our job again so that we aren't tearing through our liquid assets to make minimum payments. We were both unemployed for about 4-6 months when the housing market collapsed in 2008, we were young and I had to ask my parents for money to support us. We're in our 30's now and I don't ever want to have to ask my parents for anything again, so we usually do what we can to keep our obligations low, even if our budget allows for us to pay more.
I don't know, in some ways I guess we're like our grandparent's were. They were children of the great depression and it had a big impact on their view of frugality and spending until the days they died. What we experienced wasn't nearly as severe, but it was humbling.
Posted on 5/15/18 at 10:57 am to Will Cover
Resident OT poor checking in. Our mortgage is about half that. 2/2 1200 square feet starter home. Great area, only the two of us and a dog. No plans to move any time soon.
Posted on 5/15/18 at 11:00 am to crispyUGA
Definitely understandable. Just seems like a worse cost comparison between a much higher down payment on a 30 year note vs a lower amount on a 15 year note. The interest difference in the life of the loan would be less. I feel like you could do this with a lower down payment. I realize the note would be higher, but you'd have that freedom to use the extra liquidity to cover a bad scenario like a loss of job.
Basically: More money in bank, smaller life loan, but slightly higher note vs less money in bank, higher life loan, lower note
Thanks for the response. Was truly interested to hear your perspective.
Basically: More money in bank, smaller life loan, but slightly higher note vs less money in bank, higher life loan, lower note
Thanks for the response. Was truly interested to hear your perspective.
Posted on 5/15/18 at 11:00 am to Will Cover
Per person, under, but the total rent is higher. Helps to have a wife that is still willing to work and contribute.
Posted on 5/15/18 at 11:00 am to Will Cover
1300 in rent fml
Posted on 5/15/18 at 11:09 am to Will Cover
a bit under.
put 20% down on the house.
made my payments right where i want them.
put 20% down on the house.
made my payments right where i want them.
Posted on 5/15/18 at 11:11 am to Will Cover
wayyyy under.
why overpay for a house? Live simply
why overpay for a house? Live simply
Posted on 5/15/18 at 11:16 am to MrJimBeam
quote:
Definitely understandable. Just seems like a worse cost comparison between a much higher down payment on a 30 year note vs a lower amount on a 15 year note. The interest difference in the life of the loan would be less. I feel like you could do this with a lower down payment. I realize the note would be higher, but you'd have that freedom to use the extra liquidity to cover a bad scenario like a loss of job.
Basically: More money in bank, smaller life loan, but slightly higher note vs less money in bank, higher life loan, lower note
Thanks for the response. Was truly interested to hear your perspective.
Yeah, with what we pay extra each month, we're planning to have it paid off in just a couple of months over 15 years but, like I said, we wanted to make sure we could keep our house if we had to be a one income household for a while. We used some money that came in from an inheritance as the down payment on the house, so we didn't have to dip into our savings at all.
Posted on 5/15/18 at 11:18 am to Will Cover
quote:
I haven't looked but I would imagine a 200,000 house at 30 years with 20 % down could get you under this number at under 4 % interest rate.
where can you buy a house for 200k? Certainly not new orleans. Even in BR, the average listed house is over 200k.
I am over. I spend 2200/month for housing (mortgage). THis is actually fairly cheap where I live.
Posted on 5/15/18 at 11:23 am to Will Cover
The honesty in this thread is appreciated.
Posted on 5/15/18 at 11:25 am to Will Cover
Under, $905 per month total, $800 mortgage and $105 HOA dues (includes pool and clubhouse membership). 30 year fixed, built 4 houses myself so have 70% equity.
Posted on 5/15/18 at 11:26 am to VABuckeye
quote:
Way over. I live in Northern Virginia.
Posted on 5/15/18 at 11:34 am to Will Cover
Way under, but I put 60% down and wanted it paid off in 10 years.
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