My husband and I have started the process of applying for a mortgage and buying a home. The issue is, we are not independently wealthy and do not have parents that have a heaping load of money to just give us for a down payment, which makes buying in San Diego difficult. We have determined we can comfortably afford a mortgage of about $350-400k. The person is looking at $550k homes. $150k down. $400k remaining as the mortgage. They have not come into a windfall. They have $150k to put down. If they had more, they put more down, as a way to lower the monthly payment, which may be a stretch on $100k. $400k mortgaged at 4.25% is about $2500/mo. including $4k taxes and $2000/yr insurance.. Originally Posted by jdhall1 Id put 100k down and mortgage 300k. The person is looking at $550k homes. $150k down. $400k remaining as the mortgage.
Originally Posted by jdhall1 Id put 100k down and mortgage 300k. The person is looking at $550k homes. $150k down. $400k remaining as the mortgage. A single friend looking at houses for $550,000 with $4k taxes. Planning on putting $150k down and taking a mortgage for $400k. This person is maxed out in their career and earns $100k. It will not go up in the future. Can 100k income really get approved for a $400k mortgage? A 400k mortgage would be almost 2k. Add in taxes and insurance and you are at $2,500 and $3,000 in high tax areas. Yes, exactly. In my area, a $425k house would be about $3000 a month once you figure in taxes and insurance. That's with the lower down payment, but even 20% down it would still be a high monthly payment. In the priciest parts of DC like Palisades, 80-year-old houses cost around $700 per square foot. So, $2 million will buy you a 2800 square foot house. I bought a $420k house with a $50k down payment on $80k/yr salary. I got a 6% primary and 7% secondary mortgage when I bought (this was 8 or so years ago), and with taxes and insurance my payment was $2549/mo. I thought I'd be eating ramen every night but I.
A 400k mortgage would be almost 2k. Add in taxes and insurance and you are at $2,500 and $3,000 in high tax areas. Yes, exactly. In my area, a $425k house would be about $3000 a month once you figure in taxes and insurance. That's with the lower down payment, but even 20% down it would still be a high monthly payment. In the priciest parts of DC like Palisades, 80-year-old houses cost around $700 per square foot. So, $2 million will buy you a 2800 square foot house. I bought a $420k house with a $50k down payment on $80k/yr salary. I got a 6% primary and 7% secondary mortgage when I bought (this was 8 or so years ago), and with taxes and insurance my payment was $2549/mo. I thought I'd be eating ramen every night but I. If you have $400K, what would you do, would you pay your current mortgage which is at 3.5% interest rate or would you invest the money. My goal is to
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