Is it normal to have monthly mortgage payments over $2000 including all property taxes and insurance? When I went on bankrate.com and put a budgeting in, it told me my housing costs were higher than average. This scares me. Is this really uncommon?
Blu-ize
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Re: Mortgage Payments?
Higher than average where?
Mine is over $2000
hmm8191
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When looking for a $2200 monthly mortgage payment we were told we could afford a $350,000 house so I would say yes it's very normal for a mortgage payment to be above $2,000
vita930
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Re: Mortgage Payments?
Mine is over $3000 with taxes....
DjPiLL
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Mine will be about 2400 a month which includes mortgage, taxes, and insurance.
The bankrate affordability calculator is a great tool and I find is the most accurate one out there cause they use the true 28/36% DTI numbers.
I plugged in my numbers, and it said I could afford up to a 405k house value which was great because the house I bought was just under that.
Other calculators said I could go as high as 480k... but thats a load of horsecrap.
violet
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Well as long as it's not uncommon. It's not bad without the property taxes. It's the stupid taxes that do it.
nov04LIbride
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Posted by violet
Is it normal to have monthly mortgage payments over $2000 including all property taxes and insurance?
I think that's great if it includes taxes.
Preshy7
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Posted by vita930
Mine is over $3000 with taxes....
me too
skew
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ours are about $2,400 w/o taxes and insurance.
violet
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Okay...my total scares the crap out of me. Maybe because it's twice my current rent.
bluesashbride
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Posted by Preshy7
Posted by vita930
Mine is over $3000 with taxes....
me too
same here for our house. our condos which are each in the 220 range are a wee bit less than 2K with fees, insurance, payment, and taxes.
lauren09
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that's normal. mine is over that. well, i guess normal for NY!
cluelessbride
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ours are 2500 with taxes and insurance
piyopika
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I wish ours is $2000! We'll be paying $3500 a month with tax & insurance
september2004
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currently ours is over 4K because we are shelling out an extra 1K a month towards pre-paying down our home equity loan.
chris605
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Posted by vita930
Mine is over $3000 with taxes....
I second that...
nov2004bride
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Ours is over $3000 but this includes homeowners and taxes.
MrsSchultz
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Posted by violet
Okay...my total scares the crap out of me. Maybe because it's twice my current rent.
Mine was 3 x's my rent....we're struggling, but we are so far (knock on wood) handling it, we just go out less and eat in more....and I haven't bought more than one pair of shoes in the last month!!
IrishBride-05
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Re: Mortgage Payments?
Our's is just shy of $2,500 including taxes. Apart from the cost of the house, I guess it depends on how much you are putting down too.
