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I know there’s mortgage calculators but they do not include property taxes or homeowner’s insurance. I want as realistic as possible. Also, could we afford this house comfortably on a $ 75,000 annual salary pre-tax?

4 Thoughts on What would my monthly mortgage payment be on a $250,000 house with a 20% down payment in North Carolina?
  1. Reply
    chatsplas
    December 4, 2011 at 9:00 pm

    Use the mortgage calculators
    You can figure out what the taxes and insurance are and add them up and divide by 12 and add to payments. . . .taxes vary, pick taxes on this mythical house, and cost of insurance

    NOPE, you cannot comfortably afford this home on $ 75K income. . . .with 20% down, and great credit and no debt, you might find a lender, but not easy. . . .MOST want your home to be 2-2.5 times annual income, definitely NOT more than 3

    MOST common mistake of first time home buyers is overextending themselves: buying more home than they need or can comfortably afford.

  2. Reply
    Punkin P
    December 4, 2011 at 9:18 pm

    Your personal payment will depend on your credit score. You should speak with a loan officer. I can tell you that $ 250,000 is far beyond your means with a 75k per year income. You don’t want to be house poor. One way to save money is to build your home yourself, meaning hire your own contractors. You can save a ton of money. If you think about it, that’s all builders do. They hire different contractors and charge us a huge builder fee. Another option is you may be able to find a good deal on a foreclusure.

    Don’t borrow the maxium amount that the loan officer say you can borrow. Plus anytime taxes go up, your house payment will go up. My house payment has gone up $ 30 dollars over the past 6 years. Also include hoa fees, security system fees ect.

  3. Reply
    GVD
    December 4, 2011 at 9:28 pm

    Hypothetical: Numbers are estimated only.

    $ 250,000 purchase price
    $ 50,000 Down Payment
    $ 200,000 Loan amount @ 4.25% For conventional loan = $ 983.88
    Taxes on $ 250,000 Home = $ 3125 / 12 months = $ 260.42
    Homeowners insurance = $ 800 per year / 12 = 66.67 / mo
    —————————-
    Payment = $ 1310.97 PITI / Income = $ 6250

    DTI = 21%

    Conclusion. If you have no other debt you could easily afford this. The first poster has no idea what they are talking about. A 21% back end debt ratio is extremely low and you are right in the price range you should be in. Consult an actual, licensed mortgage professional for assistance.

  4. Reply
    the kid
    December 4, 2011 at 10:13 pm

    About $ 1400

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