Thinking about purchasing a home no more than 300K (yes we're broke compared to UB standards). If we put 10% downpayment, how much will our monthly bill be (including mortgage, reasonable taxes, maintenance, and whatever else is included)? How much should I have in savings? TIA!
[
Reply | Watch |
Flag
]
General Topics
06.08.12, 09:21 AM
Flag
»
we can't tell you this. go to an online calculator - figure out mortgage (you will also have PMI with only 10%) - then look at mainenance or taxes and see
[
Reply
|
More
]
General Topics
06.08.12, 09:23 AM
Flag
»
You need to put at least 20% down. Read posts on this board of people who bought with less down payment and are stuck with high payments. They can't refinance now because house/apartment is appraised at lower than their equity. You will also pay mortgage insurance with a lower down payment.
[
Reply
|
More
]
General Topics
06.08.12, 09:25 AM
Flag
»
At this point in time you might be required to put down 20%. DH and I are finding this is the case for most apartments we are looking at.
[
Reply
|
More
]
General Topics
06.08.12, 09:25 AM
Flag
»
OP: sounds like we need to continue renting? This is so disheartening.
[
Reply
|
More
]
General Topics
06.08.12, 09:27 AM
Flag
»
yeah, it sucks-we are in the same boat-would have been different 5 yrs ago.
[
Reply
|
More
]
General Topics
06.08.12, 09:30 AM
Flag
»
20% or more -- we loved an apartment that was righ in our range, then saw that the board required that no more that 50% of the price be financed. :-(
[
Reply
|
More
]
General Topics
06.08.12, 09:41 AM
Flag
»
OP: just hate having to spend so much on rent. its ridiculous.
[
Reply
|
More
]
General Topics
06.08.12, 09:44 AM
Flag
»
Me too. Mortage+ maintenance would be less! AGH.
[
Reply
|
More
]
General Topics
06.08.12, 10:01 AM
Flag
»
OP: thanks!
[
Reply
|
More
]
General Topics
06.08.12, 09:28 AM
Flag
»
How can anyone know how much taxes and maintenance of some house will cost. We have a small house in NY that is probably worth 250K but taxes are 7K/year. In a different county taxes on this house could be 10K or 2K.
[
Reply
|
More
]
General Topics
06.08.12, 10:11 AM
Flag
»
You can afford a house for 150k w/ a 20% down payment or save until you have enough for more.
[
Reply
|
More
]
General Topics
06.08.12, 11:39 AM
Flag