I almost passed out when I saw the actual monthly mortgage

MrsTC Posted: Mar 19, 2004 10:45 AM

I almost passed out when I saw the actual monthly mortgage

Our mortgage broker put together an estimated mortgage based on a house that we like....I almost died. You don't have to answer but would you mind taking my poll, I am curious to see what range others are in per month...

thanks

Jan05Bride Posted: Mar 19, 2004 11:03 AM

Re: I almost passed out when I saw the actual monthly mortgage

Hi I sent you FM

The Original 2nd-time-around Posted: Mar 19, 2004 11:06 AM

Re: I almost passed out when I saw the actual monthly mortgage

Do you want an answer that includes RE taxes?

MrsTC Posted: Mar 19, 2004 11:09 AM

Re: I almost passed out when I saw the actual monthly mortgage

Original, yes that would be helpful thank you

The Original 2nd-time-around Posted: Mar 19, 2004 11:13 AM

Re: I almost passed out when I saw the actual monthly mortgage

Posted by MrsTC

Original, yes that would be helpful thank you

OK, I entered my answer including them

Valentinegirl Posted: Mar 19, 2004 12:52 PM

Re: I almost passed out when I saw the actual monthly mortgage

LIPrincess00 Posted: Mar 19, 2004 01:14 PM

Re: I almost passed out when I saw the actual monthly mortgage

I got so scared I actually almost cancelled the deal. My FI explained that yes it is more than rent, but it is something that you own. He also said that if we figure that we will get a tax refund every year (as homeowners) its actually like we are only making 11 payments a year. I am still scared, but others do it so I guess we will too.

Charly Posted: Mar 19, 2004 02:33 PM

Re: I almost passed out when I saw the actual monthly mortgage

Well don't forget there are many ways to structure a mortgage that may help reduce the costs. For ex. we are doing an interest only loan since we are paying for the wedding ourselves and buying the house we don't have the $$ this year. BUT there are no prepayment penalities so once we have extra $$ we are just going to start paying down the principle.

ARMS have lower interest rates, aka lower payments, but they can be risker since they eventually become variable.

So many things to think about!!

Good luck!

kdelace Posted: Mar 19, 2004 02:48 PM

Re: I almost passed out when I saw the actual monthly mortgage

i cant even imagine paying a mortgage over $2500!!!

Charly Posted: Mar 19, 2004 03:46 PM

Re: I almost passed out when I saw the actual monthly mortgage

Posted by kdelace

i cant even imagine paying a mortgage over $2500!!!

Unfortuately I pay more than that right now in RENT in NYC (CRAZY)

At least now i'm going to pay $2,500 (including RE taxes and homeowners insurance!) & own a home and have a tax write off!

spel Posted: Mar 19, 2004 04:30 PM

Re: I almost passed out when I saw the actual monthly mortgage

Shamee Posted: Mar 19, 2004 04:34 PM

Re: I almost passed out when I saw the actual monthly mortgage

How do the legislators expect young couples to stay on Long Island when the salaries can barely accomodate the cost of housing? I love when Levy gets on T.V. and talks about this program and that program that are years in the making, meanwhile we are all struggling NOW

susans Posted: Mar 19, 2004 04:45 PM

Re: I almost passed out when I saw the actual monthly mortgage

Posted by LIPrincess00

I got so scared I actually almost cancelled the deal. My FI explained that yes it is more than rent, but it is something that you own. He also said that if we figure that we will get a tax refund every year (as homeowners) its actually like we are only making 11 payments a year. I am still scared, but others do it so I guess we will too.

You can actually write off 100% of your mortgage interest against your taxes, so it'll be a nice chunk of change come tax time.

We pay a high mortgage but after our tax refund it actually costs us less now then our rent did when we were living in NYC, even though our monthly is a bit more then we were paying there.

Building equity in a home is a lot better than paying rent. You'll never see the return for your dollar that comes with home ownership.
Trust me, it's not that bad.

kdelace Posted: Mar 19, 2004 04:55 PM

Re: I almost passed out when I saw the actual monthly mortgage

im just saying for me persoanlly i cant even imagine paying $2500. just got married.. husband and i make decent salaries as teachers but we have bills, trying to save for down payment and i cant see us being able to afford $2500. I mean we pay 1300 in rent right now in long beach.. and iwould rather buy than rent but i just cant believe how much the cost of living has risen int he past few years.. yikes!

sam Posted: Mar 19, 2004 11:47 PM

Re: I almost passed out when I saw the actual monthly mortgage

I felt the same way. Dh and I sat down and figured out what we were bringing in each month and how we could save. We were paying 1100 rent and saving as much aspossible. We tried living and saving what we would pay for a mortgage. For example, we were aiming for 2500. We paid the 1100 rent and would save 1400 for the down payment. We did this for months while we looked and it actually worked well.
We were actually a little surprised- I thought we would be broke and would have to cut out certain luxuries- but we were able to maintain our lifestyle just the same as when we were living in the apt. and saving for a down payment. And our tax return was larger this year- and we only paid 5 months worth of interest and taxes. The numbers seem really scary at first but if you really think about it, you can figure out what you can afford.

pschica Posted: Mar 20, 2004 02:31 PM

Re: I almost passed out when I saw the actual monthly mortgage

ours is fairly low compared ot soem on here - its actually only 50 more dollars than we were paying in rent so we are thrilled - the only thing that stinks is that we now have rents plus mortage for a few more motnhs still!