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We feel in love with this beautiful townhome and we aren’t sure how much it would end up costing us monthly for it. Probably more than we can do right now but we are going to talk to the bank to find out just in case.

Just wanted a rough estimate. (We are told we are paying too much for our apartment and and basically its a house payment……(We are paying about 800)
By the way this is in a very rural or suburban community

3 Thoughts on What kind of house payments are you looking at if the property is $154,000?
  1. Reply
    Jason Alexanders
    January 31, 2013 at 8:27 pm

    About $ 1,300 per month for a 15 year mortgage or $ 950 per month for a 30 year; the actual amount depends on interest rates. Add to that insurance costs, maintenance costs, and association fees. These assume a 6.25% rate and a 0.25% deduction for the 15 year mortgage.

    It’s probably a good idea if you have a QUIET family (not a good idea if you have active children).

    $ 150,000 * .04 = 6,000

    So if you decided to buy a tax-free muni paying 4%, it would give you about $ 500 per month.

    I’d lean towards buying in this case. With a full 20% down-payment, your payment falls to about $ 1,040 per month for a 15 year mortgage. I think that’s a decent deal. As this is only 25% more than your rental payment, you should try to come up with the $ 240 per month to have the 15 year mortgage. The 30 year is $ 760 per month assuming a 6.25% rate.

    With HSH, I got $ 1,237.97 assuming a 5.25% 15 year mortgage and $ 850.39 for a 30 year mortgage. It is about $ 1,200 per month for a 4.75% mortgage. Now if you get .5% off the 15 year mortgage, it is $ 960 per month assuming a 20% down-payment and the 30 year is $ 680 per month.

    To avoid PMI, it may require a 20% down-payment. Take a look at Pentagon CU. Closing costs may add to costs and significantly add to the time it takes to pay the mortgage.

  2. Reply
    January 31, 2013 at 8:58 pm

    If you are putting $ 4000 down, it will run a little under $ 900 a month, but then taxes and insurance must be added in and if it has HOA fees, add that in , too. Remember you get $ 8000 tax credit if you close before 12/01/09

  3. Reply
    January 31, 2013 at 8:58 pm

    That depends how much your down payment is and also, what kind of common charges there are.

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