April 17, 2008,
S.M. asks from Crowley, TX on February 29, 2008
How Much Do You Pay per Month on Your Mortgage?
We are saving up to buy a house and are very close to our goal. I am just trying to get a ballpark figure of how much we would be paying per month on a $150,000.00 mortgage loan. Also how much home owners insurance would cost and any extras that come in per month when owning a home. I don't want to get too personal so a round about figure would really help me out. Thanks and any advice about finances changing when moving from an apartment to owning your own home would be great help.
C.S. answers from Amarillo on March 01, 2008
Wow--you got some good responses--so here is my SIMPLE answer. With an average interest rate, payment is usually about 1% of total price--so $150,000 home, payment should run around $1500 per month---give or take---plus property tax. Hope this helps! GOod Luck!!
H.P. answers from Dallas on March 01, 2008
My home cost 159K, and with taxes and everything, we pay around $1400 a month. I believe the taxes will go down a bit for Denton ISD this coming year. However, if you are buying a new home, the property value won't be fully assessed the first year, so the tax amount will be lower and make your payment lower-- but don't be shocked when it goes up that 2nd year! Good luck.
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T.F. answers from Dallas on March 01, 2008
How much do you plan to put down on the loan? What is the rate?
We like to have our money work for us. For starters, put down a minimum of 20% (more if the percentage rule has increased) so the you avoid the mortgage company adding your insurance and taxes to your monthly payment. You also avoid PMI!! Why not save that money yourself and YOU get interest on it and pay those fees when they are due? That is the #1 thing we do. Yes, homwowners is pricey, mine is $2500 a yr and taxes, we pay when we get the bill in Oct and you can use that info on your tax return. These are 2 major expenses we know are coming so we are prepared to pay for them when the time comes. I'd much rather my money be working for me instead of the mortgage company.
Don't forget about HOA dues. Routine upkeep of your home will have you at Home Depot and/or Lowe's a lot. Good insulation will help your energy bills. Who will take care of the yard? Most services are paid on a yearly contract meaning you pay all 12 months and there are about 3 months you never see them. If you opt to do the yard yourself, think about the cost of purchasing your equipment. Does the home have a pool? If so, there are added costs in the proper care of the pool. Pools are not low maintenence.
The $1500 per month someone quoted sounds high. We pay way less than that on a 1/2 acre, 4000+ sq ft home. Granted we paid down a lot and we refinanced at the right time. My mortgage rate is 5 3/8ths. We built this home in 2000.
Timing has a lot to do with it as well.
Congratulations on your new home!!
PS. In my 20 yrs of home ownership, I have never heard of homeowners insurance being based on credit score. Mine is based on the size of our home, structure replacement, we have an extra rider for jewelry that adds about $900 a yr to our homeowners, your deductible, etc. If my insurance was based on my credit score, it would be free because our score is up there with the higest you can get.
S.S. answers from Dallas on March 01, 2008
This is not a monthly cost, but whether you get the sellers to pay for this or if you buy new you'll have realtor fees. They run about 3% of the sale price, and you'll have closing costs, plus whatever you plan to put down on the house. Then there are moving costs....and buying of any new furniture for the house, if there are more rooms (very likely) than your apartment. Two story homes will run higher electric bills than a one story home, also generally higher homeowners insurance too. Make yourself a list of all of your possible costs and what you'd want to be able to put down on a home, etc. and that should help give you a ballpark of what you'll need to save. Congrats and good luck!
B.W. answers from Dallas on March 01, 2008
75K financed/ just under 6% interest/ INCLUDES taxes and insurance escrow......$600/mo.......Texas is the highest state for homeowner's insurance, so shop and make sure you get a good policy (I have replacement - structure and contents)....I have homesteaded and get full exemptions for disability........good luck with your purchase!
J.A. answers from Dallas on February 29, 2008
I have two homes one that cost me about $100K and I pay $950 per month 5.5% interest this payment INCLUDES the insurance and taxes. Which I highly recommend. This house is about 7 years old and very energy efficient.
The second house cost $250K and the mortgage is split I have one at $1178 6.5% and one at $400 9.75% for a total payment of $1578. (We hope to refinance soon) The insurance is NOT included which really isn't too bad we get a break since we have our automobile insurance w/ the company. But our taxes are not included either and they are really high $6K a year. This house is located on a lake and has about 1/2 an acre. This house was built in the 1950's w/ additions and it is not very energy efficient. Though compared to my neighbors our electric bill is about 1/2 of theirs.....
It truly depends on the interest rate and the amount you put down. However, if you are a first time home owner you will get great benefits ....
D.W. answers from Dallas on March 02, 2008
Figure about 10% of the cost of the house. That should include home owners insurance and taxes. The cost could be lower, depending on how much money you put down and whether or not you roll the closing costs into the mortgage or pay them outright. Also plan on about $5K to $10K for the extras that you may not already have. This includes blinds in the windows, ceiling fans, landscaping that the builder doesn't do (if new home), appliances, garage door openers, locksmith to rekey the locks (if you don't trust the builders or previous home owners), lawn maintenance equipment, etc.
M. answers from Dallas on February 29, 2008
For a $200K mortgage at 6.3% and no PMI (meaning if you pay at least 20% down or do an 80/20% loan, you will pay right at $1550-$1600, INCLUDING your escrow for home insurance and property taxes (again dependent on your tax amounts where purchasing). So for $150K you can figure about $1200-$1280, if you pay the 20% down and avoid PMI, and again depending on the cost of insurance and taxes. Now, as far as the costs, just make sure you are prepared if moving into an older home. Even one that was recently remodeled. We bought our home in East Dallas about three years ago and have replaced both water heaters and one of the two AC units since. That is about $6K worth of work. We also have RIDICULOUSLY large trees that need constant trimming from professionals (bc they are way too tall and go over part of the house). Also, figure out if you will do your own yard maintenance, etc...just be prepared for all of the upkeep things that will inevitably come up. Hope that helps!
S.S. answers from Wichita Falls on March 02, 2008
ON 44,000 at 8% for 20 years my payment is 516.56, including taxes and insurance.