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minnie-mouse
03-20-2007, 09:35 AM
We are buying a new home and will have a large increase in our mortgage payments soon and I was just curious what other people pay monthly for their mortgage. You don't have to tell me yours exactly, but what do you think the average payment is?

offwego
03-20-2007, 09:53 AM
Well that will move around a bunch considering all the locations represented.

Cdn mortgages normally (albeit this is starting to change) have amortizations of a max of 25 years and normally (again it can differ) require principal payments from the begining (no adjustable arm things here).

Mine is also paid biweekly not monthly and my employer pays some. It's about double my car payment.

Jeri Lynn
03-20-2007, 11:17 AM
About three years ago we refinanced and borrowed an extra 50k to build our garage.

At that time we took a total mortgage of $135k for 15 years.

Our interest rate is 5.25% and our monthly payment is $1085.00

My goal is to pay this off in 8 years, at which time all of our kids will be out of college.

TiggeRia
03-20-2007, 11:23 AM
I don't own a home, but I have been looking to buy over the past few of months. In November I looked at a house in Pennsylvania that was priced at $220,000. (Sadly, that is a low price around this area :( ) The Realtor I was working with figured that with about 10% down, my mortgage would work out to be almost $1700/month (I thought this seemed a little too high, but this is what she told me). Way too much for me to afford on my own. :(

DVC2004
03-20-2007, 01:06 PM
I'm a mortgage lender. I would say the average mortgage payment around here(that I see) is about $1400-$1500/month, including taxes and insurance. Property taxes are very high around here.

Marilyn Michetti
03-20-2007, 03:53 PM
WOW ! $1700 on a $220,000 house sure seems like a lot, but that's Pa. We came to Az. from Phila., and were happily surprised with the housing situation. That was fourteen years ago, but we paid $128,000 for a 4br, 3car garage, and pool. Our payments are $1011. a month, the this house will probably sell for $389,000. We're getting ready to sell, downsize, and hopefully, end up with no mortgage.:cool:

mamacatnv
03-20-2007, 07:08 PM
The original amount of the mortgage was approx $205,000.00.

With all taxes & insurance added my mortgage payment is a little over $1400 a month. My interest rate is 5.25 or 5.5% (I don't remember) this is for a 30 year fixed.

My property taxes are approx $2000 yr.
My insurance is approx $1000 yr.

jonsmom
03-20-2007, 09:21 PM
Our loan was for $289,000, we pay $2100 per month including taxes. Interst 6.25

caseyis8
03-20-2007, 09:37 PM
Man, some of you guys pay a ton of money for your homes. I know that everything is about location, location, location but honestly If I had to pay as much as some of you guys pay for a mortgage I would have to actually work. Ha, Ha. (I am a well educated stay at home mom) My mortgage in Wisconsin Rapids, WI (central Wisconsin) is $634 a month w/o taxes or insurance. Taxes are about $1,600 and my insurance is a little over $400/year. We have a four bedroom, 2 bath w/2 car garage. The house when we purchased it was in foreclosure and we remodeled basically everything in the house over the past three years since we bought it. We live about an hour and a half from Madison, WI so we are not too far from a bigger city. I love it here for our nine year old son, but when he graduates I hope to move to Florida. :mickey:

DisneyLandMomma
03-20-2007, 10:18 PM
We live in what I think is probably the most affordable place in So. Cal so what we pay, a little over $1000 which includes our taxes and homeowners insurance, is considered a bargain. :blush: We have a 3 bedroom, 3 bath, 3 car garage on almost 2 acres.

conorsmom2000
03-20-2007, 10:50 PM
Yikes, I think I need to move! We're in Northern NJ, right outside of NYC - our mortgage is 317,000 on our little house that appraises for 460,000. Our property taxes are $8,000 a year (and we're on the low side of town - the other side goes as high as $16,000 for a 40x100 lot) so our payment, with taxes and insurance is over $2,400 a month! Our interest rate is 5.6% (we refinanced to get that - originally we were at 8.7%) To buy a house under 400k in my area you'd be looking at a 2 bedroom with no property. :(

rnin02
03-21-2007, 01:23 AM
I think ours is around $1600-$1700/month. Our original loan was for $250,000, and I will be honest, I do not know all the details! I think we have a 5 year fixed for 80% of the purchase price, and then the other 20% is some sort of home equity loan that adjusts pretty frequently. We will probably be doing a refi soon since we have some equity now, and my credit score has improved. This is in Loudoun County Virginia, not too far from DC.

HndrdPrcnt
03-21-2007, 06:29 AM
All I can say is that reading this thread has left me very sad and now thinking that maybe CA is not all that it is cracked up to be. Well, ok, yes it is....but you pay for it....BIG TIME!!

DizNee143
03-21-2007, 09:21 AM
i dont have a mortgage yet...but by next wednesday i will...me and my fiance are closing on a 1 bedroom condo ( i call it our shoebox!! :D )...its only 116,000 and just the mortgage is gonna be 770 a month...its not to bad..but its all we could afford..it is WAY to expensive to live in Central Jersey or heck anywhere in Jersey...i really wanna know why its so expensive to live in this dull and boring state?!?!? :confused:

crazykids
03-21-2007, 11:59 AM
We live in southern NJ & the taxes are high here too - we are currently paying $5500 & they usually go up every year by at least a couple hundred! We owe around 122k, 5.5%, 30 yr. fixed & our mtg pmt is 1240/month.

minnie-mouse
03-21-2007, 12:01 PM
Wow, I am really jealous now! Most people in our area pay double what most of you have mentioned. That is so depressing! Houses are way overpriced around here, I guess.

Advnt05
03-21-2007, 12:12 PM
I have found that the houses in the northeast US are way more than a lot of other locations. My friend sold a house in Fairfield, CT for $450,000 that would have not cost more than $200,000 in the Atlanta area. I'm sure CA homes are high as well. I sold a condo outside Atlanta last year for $95,000 and it sat on the market for 2 years until someone bought it. My cousin sold hers in Boston (which was about the same size) for $350,000.

It all depends on where you live. You see articles all the time where people make their millions by buying homes that skyrocket in value and sell for much more.

Getting back to the question. 2 bedroom house, 3/4 acre land, 1.5 baths. Restored 1920 house 1 hour outside Atlanta. $125,000 for roughly $886 a month (with taxes/insurance included) for 30 years.

minnie-mouse
03-21-2007, 12:42 PM
It all depends on where you live. You see articles all the time where people make their millions by buying homes that skyrocket in value and sell for much more.

It's so true. Our area has gotten quite pricey, although I should not complain -the assesed value of my home has doubled since I purchased it several years ago, but the new homes are now over $600k, so I guess a high mortgage is inevitable around here.

Speedy1998
03-21-2007, 12:47 PM
WOW ! $1700 on a $220,000 house sure seems like a lot, but that's Pa. We came to Az. from Phila., and were happily surprised with the housing situation. That was fourteen years ago, but we paid $128,000 for a 4br, 3car garage, and pool. Our payments are $1011. a month, the this house will probably sell for $389,000. We're getting ready to sell, downsize, and hopefully, end up with no mortgage.:cool:


WOW, way too expensive for me. 2 years ago, in Houston I bought a 5 bedroom house for 140K. Even with the outrageous property taxes here my mortage is only $1,300.

ldn324
03-21-2007, 03:10 PM
My mortgage is just about three times my monthly car payment. Purchase price in 2005 of $126,500 monthly total is just over $910.00. Taxes are about $2,800/year and insurance is about $500/year. 2 bedroom, 1 bath, acre 1933 craftsman style fixer-upper in a very desirable township. Previous owner was an elderly man in poor health with no relatives which is why we got it so cheap.

Im pretty sure we bought the last home in the Poconos under $200,000 though. Overall, weve invested about $15,000 in materials and our own labor to refinish the kitchen, dining/living room and bathroom plus put new carpet in the bedrooms. Similar homes are being listed in the $200,000 range right now.

Average for our area purchase price $290,000-$400,000 with a monthly payment of around $1,700-$2,200. Yearly tax average is probably between $4,000-$6,000. Needless to say, we got a bargain!

Ian
03-21-2007, 07:22 PM
We bought our house in March of '05 for about $400,000. It's a townhouse, but a big one. A comparable single in our area would go for three quarters of a million or more.

We have a first and a second (we got a piggy to avoid PMI) and the combined payments are about $2,300 a month.

But that takes into account some pretty high property taxes, too.

magicofdisney
03-22-2007, 12:07 AM
We'll finance a total of about $310,000 @ 6% for our new home, closing in May. The monthly payment, including escrow, will be about $2500 ($1800 + tax + insurance).

grumpycajun
03-22-2007, 01:40 PM
A timely thread for us! We're closing on a house next week. A 2,200 sq ft, 4 BR, 3 bath, 2 car garage on almost an acre is going to be roughly $1,450 a month including taxes and insurance for 30 years at 6.25% interest. It would have been somewhat less a few years back, but Katrina chased a lot of families to the north shore and prices have gone way up.