Family Budget in Orlando - Part 2 (Winter Park: insurance, loan, buying a home)

[pianogal]

Here is the second part of the family budget in Orlando that I promised. This is based on a family purchasing a home. I have run the figures for two homes - one a modest, older home in my old neighborhood in Winter Park, the second a newer, large more upscale home in Waterford Lakes. Both have A+ rated schools. I got the taxes as an estimate from the County Tax Appraiser's site - they have a form where you can estimate your taxes if you are considering buying a home - just type in the address. The insurance is a ballpark figure based on recent quotes we received when researching a new policy for our home - so it is REALLY subjective. There is no way I can be sure about it.
Also, there are so many options, variables when financing a new home. I chose to simply go with the buyer having the 20% to avoid PMI or taking out an 80/20 loan (which I would hate to do).

Here are the stats on the homes.....

3/2 1400 square foot concrete block home (1962) with pool in Winter Park. A+ schools
Listed for 204,900 MLS: 04733024

200,000 - Purchase Price
-40,000 - 20% down (closing costs covered by buyer or negotiated)

160,000 @ 6.25% for 30 years $985.00 P&I

2nd if buyer does not have 20% down
40,000 @ 6.25% for 15 years $343.00


Estimate by Property Appraiser’s Office - 1800.00 taxes
1100.00 ins.


To create total payment of: 1235.00 OR 1588.00



4/2.5 2500 square foot two story (1994) in Waterford Lakes A+ Schools
Listed for 299,000 MLS: 04705479

295,000 - Purchase Price
-60.000 - 20% Down (closing costs covered or negotiated)

235,000 @ 6.25% for 30 years 1450.00 P&I

2nd if needed.....
60,000 @ 6.25 for 15 years 514.00

Estimate by Property Appriaser’s Office – 3800.00 taxes
1400.00 ins.

Total Payment - 1882.00 OR 2396.00

I will create another post using these figures to show a typical monthly household budget.

[sunrico90]

Originally Posted by pianogal

Here is the second part of the family budget in Orlando that I promised. This is based on a family purchasing a home. I have run the figures for two homes - one a modest, older home in my old neighborhood in Winter Park, the second a newer, large more upscale home in Waterford Lakes. Both have A+ rated schools. I got the taxes as an estimate from the County Tax Appraiser's site - they have a form where you can estimate your taxes if you are considering buying a home - just type in the address. The insurance is a ballpark figure based on recent quotes we received when researching a new policy for our home - so it is REALLY subjective. There is no way I can be sure about it.
Also, there are so many options, variables when financing a new home. I chose to simply go with the buyer having the 20% to avoid PMI or taking out an 80/20 loan (which I would hate to do).

Here are the stats on the homes.....

3/2 1400 square foot concrete block home (1962) with pool in Winter Park. A+ schools
Listed for 204,900 MLS: 04733024

200,000 - Purchase Price
-40,000 - 20% down (closing costs covered by buyer or negotiated)

160,000 @ 6.25% for 30 years $985.00 P&I

2nd if buyer does not have 20% down
40,000 @ 6.25% for 15 years $343.00


Estimate by Property Appraiser’s Office - 1800.00 taxes
1100.00 ins.


To create total payment of: 1235.00 OR 1588.00



4/2.5 2500 square foot two story (1994) in Waterford Lakes A+ Schools
Listed for 299,000 MLS: 04705479

295,000 - Purchase Price
-60.000 - 20% Down (closing costs covered or negotiated)

235,000 @ 6.25% for 30 years 1450.00 P&I

2nd if needed.....
60,000 @ 6.25 for 15 years 514.00

Estimate by Property Appriaser’s Office – 3800.00 taxes
1400.00 ins.

Total Payment - 1882.00 OR 2396.00

I will create another post using these figures to show a typical monthly household budget.

Again, great information for the forum. Folks need to check the property appraiser website to see current sales, this will also give an idea of the selling prices in the area. Superb...

[vpcats]

Great Pianogal. You like doing this stuff don't ya? :-)
I'll take the older home!