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I know this might be a personal question so if it is don't answer.
I'm considering looking at moving and getting a new house. For those of you who are paying a $350,000 mortgage what are you paying? I know it depends on location, down payment, interest rate, etc...
I just want approximate real life numbers and not what some website tells me. I need to know Colorado numbers. Also, if you can tell me if that includes mortgage insurance that would be great.
Thanks!
Mine is $1,687.00 with tax and Insurance, 250K financed 5.0 APR 30 Year Fixed
If you put 20% down and have a 4.5% for 30 years with no escrow, you are looking at about $1418 a month. Insurance is probably going to be an extra $150 a month or so. Taxes are area dependant. There are a lot of factors that need to be known to get a close estimate. A $300,000 in a wildfire area will cost more in insurance than a $350,000 in a level 2 fire protection district. Taxes in city are normally more than in county.
Curious, what exactly does one get for $350K on average? I'm guessing that's allowing room for a family of 4 minimum.
Im looking at houses that are for a family of 4-5 to live real comfortably. 3,000 + sq feet and possible 3 car garage. This will be a house I will live in for the next 20 year or more while the kids grow.
Thanks. That many in the household, sometimes a trip out of state isn't far enough. We're the flip side, smaller house very large shop / workspace.Quote:
Originally Posted by stenz
In town what Stenz said. We debated getting a bigger house but having to live in town and close proximity to others. Instead 350 got me a little over 2 acres and a place just under 2k sq ft but privacy that couldn't be had in town on my budget.Quote:
Originally Posted by Great-Kazoo
Understand the need for room, especially with kids. . Just can't wrap my head around a $350K house with $$$ monthly mortgage.Quote:
Originally Posted by Rooskibar03
It's funny what we think we "need" these days. I have a 1750 sq ft house completely packed by my lonesome ... but grew up in a house with roughly the same footage, 2 adults + 3 kids, and I don't think it felt cramped.
With kids i understand the need for space. Its just the spouse and I, 1750 sq ft home, 190 x 50 lot we cant get enough space between us. Bless the op for wanting room.Quote:
Originally Posted by Aloha_Shooter
Talk to a lender and get some solid numbers.
I have a 5 bdrm 4 ba, finished basement, 3 car gar, large lot that backs on to open space, 3600 sq. ft. house.
Closing price was $328k. My interest rate is at or sub 3%???. I refi'd to a 7 year arm to get this rate. It made sense for me as I don't plan on living here past that time. I put 100k down and my payment is $1250.
The mil levy is retarded where I live so my property taxes are on the high side at $3600 per year.
I gave you all this info so that you might see that there are many variables that brings questions that nobody else can answer but the person(s) willing to provide you the loan.
Neighborhood drastically changes what 350k gets. I got far more house here in Frederick tri town area than if I went 15 miles south to Thornton. If I could, I'd still be living in Johnstown/milliken both for the more small town country feel a bit as well as cheaper houses.
A recent cnn article on overdoing mortgages was showing some guy with a 80yr old dingy shitty like condo in San Fran or Los Angeles and was like 500k???????
My house was 260k for 1598/mo with the PMI etc, little lower when we get more paid.
What you pay, and get changes a lot if you know how to swing a hammer.
We have a mortgage of 900 including ins, taxes, and PMI on a 135k house.
The house is worth over 250k now. It took 2 years of working weekends and vacations, but it's a new home now.
It's the only way we could afford to live on top of a mountain with land, a shop, and a 3 bed, 2 bath home.
I can't imagine ever buying a home and taking a chance it could be worth less later because I bought something move in ready.
Looks like I'm right on the cusp of being able to afford way more house than I have. That's a nice feeling.
Yep, pluses and minus to living up here, but no debate over the metro area; I absolutely hate it down there. My house appraises right around 350K. I have five acres of A2 horse property, 5 bedrooms, 3 baths, and a 750 sq ft shop with about 500 sq ft of loft space. My monthly payment is just shy of 2K.Quote:
Originally Posted by Rooskibar03
I did a lot of that to originally get me into my house.Quote:
Originally Posted by crashdown
An online mortgage calculator should pretty much tell you exactly what your payment will be if you know all the variables such as amount of loan, int rate, taxes and insurance. It's always going to vary a small amount because things change such as the daily interest amount and so forth. We're going through a re-fi right now and the online calculators I used were all within a few dollars of what the lender quoted me.Quote:
Originally Posted by stenz
I think you're only required to pay mortgage insurance if you have less than 20% to put down and on certain types of loans (I think VA loans are exempt from this requirement, for example).
FHA loans you pay mortgage insurance forever, period. As it was explained to me anyway. For that reason, I'm currently refinancing into a conventional loan right now. Just waiting for the guy to call me back.Quote:
Originally Posted by Bailey Guns
Yeah, it used to be you'd only pay PMI until the loan balance was 20% under the value of the home. Now, it's on there for the life of the loan until you refi.
Even with the mortgage insurance I'm about a year ahead and paying at a rate of something like 16 years on my 30 year mortgage. I'm excited to refi. My friend lives up the street in the exact same floor plan as my home, only I have a garage and a family room that were added later. He just had his house appraised at $35k more than I paid for mine. His is a little nicer currently though.
You've been by my house, it was $354,000 when we bought it last year.Quote:
Originally Posted by Great-Kazoo
Total Square Feet: 4,320
Finished Square Feet: 2,570
Upper Level Square Feet: 820
Main Level Square Feet: 1,750
Basement Square Feet: 1,750
Car Spaces: 3
Garage Type: Attached
Beds: 4
Baths: 3
Full Baths: 2
1/2 Baths: 1
Sweet! It's certainly nice to see home values going back up.Quote:
Originally Posted by Irving
if you have good credit, income, etc., you can ballpark your rate. maybe fudge a little on the high side by a quarter or half point. then put the numbers in an amortizer and there you go.Quote:
Originally Posted by stenz
also consider what your taxes are going to be. that can make a huge difference. or, if you're looking at condos or multifamily, the maintenance dues, too. newer places have larger tax obligations. for instance, tax in denver is not bad. tax in reunion and some parts of Adams county is nuts.
Good luck either way. I hope to move farther out as I get closer to retirement. More land smaller house. Right now just the wife and I in a 2100 sq ft home (Three bedroom, two full bath, one powder on first floor, loft office, unfinished basement but large yard, 2.5 car garage). We have the ability to pay the mortgage if one of us were to loose their job. Still great time to buy because interest rates are sill so good for home purchases.
It's very localized. Thanks to partly local economy and out of Staters who loves our MMJ law.Quote:
Originally Posted by Dave_L
Got two under contract today at around $350k.. Too many variable to quote a payment. One is at $1800s, the other $2200.
Appraisal just came back on our place... $271k sweeeeet Just amazing. $40k increase in less than a year.
Dropping 10 years off loan and payment stays ~$1600.
I'm looking for a house now and am hating this market
Tell me about it... I'm trying to buy a house in California right now. It's a major headache!Quote:
Originally Posted by Madeinhb
$250k will hardly get you 1300sq ft with a garage and a tiny yard. [facepalm]
I moved from California in 2009. Why are you looking there? Also where abouts? California has always sucked for houses. I spent 250k on a 1400 sq ft townhome back in 2004.Quote:
Originally Posted by HoneyBadger
Job is moving me there sometime next spring or summer. Central Coast area... Santa Maria. [Puke]Quote:
Originally Posted by Madeinhb
Although I will say... it's probably the most conservative part of CA.
Can be. I moved from Orange County. Lots of conservatives there. But lots of liberals as well. Hope you're getting a pay raise. CA state income tax is 10.3%Quote:
Originally Posted by HoneyBadger
Buy something for which you can pay if you lose your job ~6 months at minimum. Don't let your eyes get bigger than your belly.
A raise? LOL I'm military.Quote:
Originally Posted by Madeinhb
On the flip side, I won't be paying that ridiculous state income tax.
Any website's amortization calculator should be accurate, as long as you start with the correct numbers.Quote:
Originally Posted by stenz
http://bretwhissel.net/amortization/
among others.