Post by teatimefor2 on Jan 20, 2015 15:01:26 GMT -5
PITI: $3,699 per month with 20% down. HCOL for 3 bed 1.5 baths, 1,500 sq feet excluding finished basement. Burbs of NYC.... We are in the cheap section of town. We do plan to upgrade for more space in a few years.
Our mortgage is $2635 a month, including taxes and PMI, we are at a fixed rate of 4%. It's our forever home, and we've already increased our equity by ~$60k by buying early in a new construction neighborhood.
Mortgage and taxes are $1345 a month, we pay $1400. 15 year mortgage at 3.25% in a LCOL. We have a 3 bedroom, 2.5 bath- no idea on the square feet... our house is a two story with a finished basement, living room/kitchen/dining room/laundry/half bath on main floor, and two bathrooms with three bedrooms upstairs.
I like our house, but honestly it is a little big for us. I would like to move to a smaller ranch style house, but my H is not on board with that.
We pay $1500 every month, but I think PITI is actually around $1450. We live in LCOL in the midwest, 1850 sq ft house (+ 1600 sq ft unfinished basement), 3 bed, 2 bath on 0.75 acre.
Post by ShaysMomma on Jan 20, 2015 16:22:07 GMT -5
As you know @punky we currently rent in RI. Estimated monthly expenses associated with living is $1,500/month which includes rent, utilities (gas, electric & water) as well as renters insurance.
Please kindly beg your DH to return to Rhodey soil - bwah ha haaa
Post by ShaysMomma on Jan 20, 2015 16:26:41 GMT -5
This may be a question that does not have a "one fits all answer" - but if you have to pay PMI - how long until you can stop? Is it equity dependent? Or just a certain period of time you commit to paying it?
Post by mandapanda18 on Jan 20, 2015 17:14:37 GMT -5
We didn't impound:
Mortgage $1450 (that is with extra $500 so that it will be paid off in 15 years rather than 30) Insurance $124 Prop Taxes $223.58 ($2683/yr)
3 bedroom/2 bath 1400sq ft home on 1/2 acre w/2 car attached garage. 3 Car detached shop w/studio apartment (kitchenette, full bathroom and one living space) also on the property.
Post by estrellita on Jan 20, 2015 18:40:28 GMT -5
We rent a 2 bedroom, 2 bathroom apartment in a fairly LCOL area for $830/month. It's somewhat high for our area, but the building is a lot nicer and has a workout room and hot tub among other things. We know we can get a decent house for cheaper though so we're just trying to get that down payment!
ETA: We don't even make as much a month as some of your mortgage payments
Post by rachelgreen on Jan 20, 2015 18:47:51 GMT -5
Approx $1000 PITI, no PMI, 15 yr mortgage. We are in WI and have a 3 bed/1.5 bath, 1500 sq ft ranch on 1.5 acres across from a large lake.
We've been thinking about buying a bigger house now that the baby is here but if we do, there's no possible way I could potentially be a SAHM and that is something that now that I am out on maternity leave, I'm really wanting. Sigh.
We live in HCOL. We bought towards the lower end of the general housing costs for our area in order to afford to live here. Our mortgage is 1770, insurance is like 54 and taxes are like 233…it puts us just barely over 2000 for the month..I didn't include taxes when I answered 1500 - 2000.
Edit: This is for a 3 bedroom, 1.5 bathroom bungalow built in the early 1960s, 1100sq feet but a totally finished basement so about 2000sq feet of living space…and a lovely backyard, which is the reason we bought it.
We rent a 5 bedroom, 2.5 bath, 2500 sq foot + finished basement house in the country for $600 a month. It's a good thing the rent is low because we spend that much on utilities every month this time of year. LCOL obviously.
LCOL area but our mortgage/insurance and the whole works is $356.00 a month for a 3 bedroom, 1 bath house with huge kitchen, backyard with shed and privacy fence, deck, patio with canopy and great landscaping. We live in 1200 square feet of space but all of the major things were updated before we purchased for a price so low that I am sure people paid more for a vehicle. I feel very blessed to have this gem.
LCOL area but our mortgage/insurance and the whole works is $356.00 a month for a 3 bedroom, 1 bath house with huge kitchen, backyard with shed and privacy fence, deck, patio with canopy and great landscaping. We live in 1200 square feet of space but all of the major things were updated before we purchased for a price so low that I am sure people paid more for a vehicle. I feel very blessed to have this gem.
We pay $1510 PITI for a brand new 3/2.5 2500 Sqft home in a mcol area. We put somewhere around 18% down and will be rid of PMI in about 18 months which will reduce our mortgage by about $100.
Post by amaristella on Jan 21, 2015 2:00:19 GMT -5
I shaved a tiny bit off the top for utilities as the military provides a housing allowance, which, when we are in military housing goes straight to the housing company before it is ever seen in DH's paycheck and the amount includes utilities. We live in a relatively high cost of living area (Oahu, which has many high $$$$ areas) and for $3700/month we have a 3 bedroom, 2.5 bath historic duplex and water/trash/sewer/landscaping/maintenance-(hell even light bulbs are free) are all paid for.