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Rural town in Western North Carolina. Five year old manufactured home on 1 and 1/2 acres. Mortgage was $69,999 at 7% when purchased in 2008 with no money down due to good credit and Rural Development Loan, Refinanced to 5% fixed 30 years in 2009 and rolled closing costs into new mortgage (now at $72,000).
Monthy payment is $399.93 Principal and Interest, No PMI, property taxes and insurance bring the total payment to $490.00 each month.
If property taxes here were what I see they are in some other areas, I would not be able to afford the home. I never realized they made such a difference. That being said, we are in a rural area, with few cultural amenities, and a poor economy due to loss of manufacturing jobs, etc. The schools are still decent, though.
I probably pay the highest interest rate of anyone here ... 6.9%
That's because my credit rating was much less than stellar. Even still I was desperate to buy my house because I had to move quickly to get it at a way below market rate - that was about 10 years ago. I believe I did the right thing because the equity in the house (I bought it for about 190K) jumped impressively ... to about $450K in 2007, but now with the current economy I think I can only get about $420K.
My monthly payment is slightly over $1,400 and this includes mortgage, property taxes, and homeowner's insurance.
Raleigh, NC
1,980 sq. ft. 3 bed, 2 bath
4.625% 30-year fixed (just did a no cost re-fi from 5.375%)
$167,000 left on mortgage (put 20% down in 2006, paid $220k then)
$1,095 monthly payment including property taxes and insurance (down over $100 after re-fi)
Assesed at $231,000 with a $.99 per $100 tax rate ($2,120 yearly taxes)
We moved from Northern Va (Leesburg) back in 2006. We bought a small fixer upper townhouse in 2004 for $206k in Leesburg and sold it for $345k exactly 2 years later in '06. House as since come down in value so much that the county asseses it for $121k in 2010!! We were very lucky to get out when we did and move to NC. The house we purchased in Raleigh in 2006 has went up at least $15k in value over that time, which is not much, but not too shabby considering most areas of the country have lost value.
We only pay approx. 10% of our gross income on our mortgage, which is fine by me considering some of my family members and friends back in NoVA are paying over half of their income just to stay in their house that is worth less than when they purchased. I can live easier knowing we have a very low mortgage payment compared to our income. My wife wants a bigger house in a few years, we'll have to see what the market looks like then.
Last edited by Waterboy526; 01-16-2011 at 08:23 AM..
After seeing all these fantastic interest rates, I really need to contemplate a re-fi. Mine is at 6.35% from about 10 years ago. Wow, do I need to pay attention or what!?!
$862/month, that includes P&I, taxes, and insurance. Original mortgage was ~ 126K, current interest rate is 5.375%, 30 year fixed.
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