U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-31-2016, 09:40 AM
 
8 posts, read 7,288 times
Reputation: 11

Advertisements

If I'm looking in Greater Katy for a house, and hope to have my principle, interest, taxes, and insurance to come in at 2000/month. What price of home shold I be looking at? Assuming 20% down payment.

I know property taxes vary. I guess whatever might be typical (as well as typical rates for insurance and interest....Probably for either a 15 or 30 year loan).

I realize some will assume this should be easy, but not being familiar with the area's taxes and insurance I am having trouble.

Thanks for any help.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-31-2016, 11:11 AM
 
Location: The Greater Houston Metro Area
9,051 posts, read 15,536,177 times
Reputation: 15192
Roughly a $280K house - depending on MUD tax rate, chosen insurance company and % coverage, your credit score, etc.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-03-2017, 08:20 PM
 
2,011 posts, read 3,298,911 times
Reputation: 2875
Our experience was that a 240K house with 20% down, good credit / good rate, has run us about 2000/month (with taxes escrowed in that payment).
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-03-2017, 09:40 PM
 
5 posts, read 4,542 times
Reputation: 10
For a monthly payment of $2,000, you are looking at the followingAssuming Purchase Price $250,000, Interest rate 5% (could be lower or higher depending on several factors e.g credit, debt to income ratio etc.)
Loan Period=20 Years,
Loan Amount =200000 Down Payment = 50000 (20% down payment)
There are other closing costs associated.

Estimated Monthly Cash Required

Monthly Payment (P & I) = $1267.12
Monthly Property Taxes = $500.00 (assuming annual taxes $6,000)
Monthly Insurance = $166.67 (assuming annual insurance $2,000)
Monthly PMI or MIP = $0.00 (zero with 20% down)
Monthly
HOA Dues = $100.00 (assuming annual HOA $1200)
Total Estimated Monthly Payment = 2033.78

Talk to a loan officer at your bank or credit union. They should be able to get some more information.
Best of luck.

Last edited by LivingYourLife; 01-03-2017 at 09:52 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-03-2017, 10:05 PM
 
Location: Houston
412 posts, read 371,921 times
Reputation: 367
Based on my personal circumstances, i think Cheryjohns has the right idea. I would stay clear of the newer areas (around 1463) since your tax rate can be up to 1% higher than the older areas. That was a major factor in where we chose since the same amount of house would have costed 3K or more in taxes a year in the newer area.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-10-2017, 04:24 PM
 
8 posts, read 7,288 times
Reputation: 11
Thanks so much everyone.

I understand the mortgage part 100%. I have excellent credit. I guess it's really the taxes and insurance that I have a hard time estimating.

INSURANCE:

Right now, in Oklahoma, I pay about 1.15% of my house's value annually for my insurance premium ($1709 on a 150k house). Assuming the rate stays constant, that would be $3000/yr for a 260k home. Now maybe I am currently overpaying or perhaps it is just more expensive in OK due to tornadoes. Bottom line is I haven't seen examples on this forum going that high. Is it just cheaper? Keep in mind I would probably be in Katy and hopefully not in a flood zone.

TAXES:

I see people say that the tax rates found on HAR aren't reliable. Is it the rate that is unreliable? Or the value that the rate is being applied to? Both?

How does the homestead exemption work again? Which rates does the homestead exemption apply to?


Thanks so much.

Last edited by Benny-Bonehead; 01-10-2017 at 04:26 PM.. Reason: Formatting
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-10-2017, 06:42 PM
 
1,717 posts, read 1,188,270 times
Reputation: 2181
If you're looking at Katy, be aware that Katy ISD is 1.5 -- A lot higher than some other school districts. Another thing with Katy ISD is bond issues are passed time and time again which means your taxes go up. Add in all those nice new homes and apartments going in . . . New schools, etc. and the tax bill is high -- But that's the main reason people move to Katy. The schools and education for their kids.


You should talk to your insurance agent and find out the price to insure a home in various areas of Houston. I do know Fort Bend is extremely high. Katy sits on 3 different counties: Waller, Harris, and Fort Bend. Check to see which county is more affordable. . . Right now Waller has some road tax going on.


Good luck!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-10-2017, 06:53 PM
 
1,717 posts, read 1,188,270 times
Reputation: 2181
The tax rate on HAR lists 2015. They still don't have 2016 up on their site.


Be aware of new homes having a low tax rate because only the land is being taxed. Once the house is up and assessed, taxes jump drastically. Then those new developments have the water district established and that's another expense. The break down of taxes show a MUD if there is one.


If you're worried about Katy ISD being too high, consult a map of Katy ISD and get something outside their district.


You're also right to consult flood maps and flood zones. The better managed and built communities don't have flood problems but do your homework.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-10-2017, 06:58 PM
 
Location: The Greater Houston Metro Area
9,051 posts, read 15,536,177 times
Reputation: 15192
Quote:
Originally Posted by Benny-Bonehead View Post
Thanks so much everyone.

I understand the mortgage part 100%. I have excellent credit. I guess it's really the taxes and insurance that I have a hard time estimating.

INSURANCE:

Right now, in Oklahoma, I pay about 1.15% of my house's value annually for my insurance premium ($1709 on a 150k house). Assuming the rate stays constant, that would be $3000/yr for a 260k home. Now maybe I am currently overpaying or perhaps it is just more expensive in OK due to tornadoes. Bottom line is I haven't seen examples on this forum going that high. Is it just cheaper? Keep in mind I would probably be in Katy and hopefully not in a flood zone.

TAXES:

I see people say that the tax rates found on HAR aren't reliable. Is it the rate that is unreliable? Or the value that the rate is being applied to? Both?

How does the homestead exemption work again? Which rates does the homestead exemption apply to?


Thanks so much.
Your insurance IS high.

No, in Katy you won't be in a flood zone.

HAR basic tax rates are reliable. What is unreliable is the Homestead Exemption guess. It ranges on 12%-20%, depending on the mixture of school district, county, city, MUD. That varies from subdivision to subdivision.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-10-2017, 07:50 PM
 
1,717 posts, read 1,188,270 times
Reputation: 2181
I disagree about Katy and flooding. 2016 saw flooding where there never was before. A lot of that was the SH 99 expansion but some of it was intense rain weeks apart. The rivers overflowed, especially the Brazos.


Now Katy doesn't flood like Rosenberg / Richmond but it's still important to check. Brookshire floods. Sealy floods. Let me post a clip and paste from last year -- An eye opener for flooding in our area. Next post *grin*
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top