3 Thoughts on How much are you currently paying a month on your mortgage?
  1. Reply
    spalmer
    July 25, 2011 at 12:18 am

    My house was purchased for $ 64,900 and I currently pay $ 467.00/month (principle, interest, taxes, insurance, and pmi). This has been my lowest payment due to the homestead exemption on taxes finally kicking in — last year I payed $ 549/month and the year before $ 520.88/month. 30 year, fixed interest at 5.25%.

  2. Reply
    Confuzzled
    July 25, 2011 at 1:16 am

    You’re asking the wrong question.

    You need to ask a bank: can we get a mortgage and if so, how much can we borrow – this is usually based on the deposit you can provide and also your future earning capacity (i.e. ability to pay your mortgage). Then you will have a better idea as to which properties in which areas you can afford.

    Don’t forget you’ll need additional money for legal fees and any property taxes involved in the purchase of a property in your area.

  3. Reply
    Libby
    July 25, 2011 at 1:39 am

    Our rental house (which used to be out house) used to have a payment of about $ 1600 a month, counting principle, interest, escrow for taxes and insurance, and HOA dues. That house cost $ 186,000, and we had a first and second mortgage on that property until we paid off the 2nd earlier this year. Our current house (in another state) costs us about $ 2050 a month with principle, interest, escrow for taxes and insurance, PMI, and HOA. It cost us $ 269,000. On the first house we did 80/10/10, and on the current house we did FHA with 5% down, since we moved up here somewhat unexpectedly.

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