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I thought the rule is 28%/36% (housing as a percentage of total income/total debt as a percentage of gross income). If you had a $200,000 mortgage a 6.5%, you'd be paying $1200/month plus taxes and insurance--probably another $150/month. You'd get a tax deduction (federal and state if you itemeize) for your interest and taxes, so conservatively you can figure on about a $275/month deduction. I definitely recommend finding a good mortgage person to talk to.
200K mortgage 1200 a month and no not an additional 150 a month for taxes and insurance more like 300 a month. The tax bill will be about 2200 a year 1.05 per 100 and the homeowners insurance is about 1100. Then there is electric and gas and water and sewer and trash and phones and cable and internet. It adds up.
200K mortgage 1200 a month and no not an additional 150 a month for taxes and insurance more like 300 a month. The tax bill will be about 2200 a year 1.05 per 100 and the homeowners insurance is about 1100. Then there is electric and gas and water and sewer and trash and phones and cable and internet. It adds up.
Actually Urbywan, my insurance on a $520000 house is $800 (up from $700 last year) so I think $1100 is a bit high. My friend who owns a house in Kildaire Farms (worth just under $200k) currently pays around $1500. Maybe $200/month is more realistic, but $300 is too high.
We're looking to move to Cary and want to spend about $200,000 on a 3 bedroom/2 bath house. Do you know of any subdivisions that would fit this criteria? We'd prefer a single family home over a townhome. The year it was built is less important. TIA!
Havving re-read your post, I bumped the search to $210,000 max. ("...about $200,000...)
36 results in Cary for 3/2 detached SFR's in the following neighborhoods:
Ironstone
Cheverly Forest
Carousel Park
Scottish Hills
Hearthstone
Canterbury Woods
Trappers Run
Coronado Village
Foxwerth
Evergreen
Brookgreen
Greenwood Forest
MacDonald Woods
Fisher's Creek
Hermitage
Woodwinds
Briarcliff
Woodridge
Beechtree
The Highlands
Royal Oaks
The Ranches
And a few in "Cary" with no subdivision name.
I was going to write earlier that in this market, you could probably get a house for 5k - 10k below asking price so you would want to bump it up slightly... I know we originally listed our house for $192,500 before accepting $184,900... Just depends.
I agree with SLS76; Urbywan's numbers sound very inflated to me. We recently purchsed a home for approx $200K & our home insurance is under $500 a year. But of course, how much you pay varies by how much insurance you want. You'll need to speak to your insurance company to get the cost for the type of policy you prefer.
Panthrkub, when I first started our house hunt, I found this website that gave me some ballpark figures on how much we could afford. How much home can you afford? Use our simple calculator
The calculator considers your income, your debt, how much you have available for a down payment, and finally mortgage and tax rates. As others have said, I'd warn you not to buy the most expensive house you can "afford". The top figure given by these sorts of calculators don't leave much room for things like emergency repairs.
There are also a lot of books out there than can walk you through the home-buying process. A good realtor will help a lot, too. Good luck!
Havving re-read your post, I bumped the search to $210,000 max. ("...about $200,000...)
36 results in Cary for 3/2 detached SFR's in the following neighborhoods:
Ironstone
Cheverly Forest
Carousel Park
Scottish Hills
Hearthstone
Canterbury Woods
Trappers Run
Coronado Village
Foxwerth
Evergreen
Brookgreen
Greenwood Forest
MacDonald Woods
Fisher's Creek
Hermitage
Woodwinds
Briarcliff
Woodridge
Beechtree
The Highlands
Royal Oaks
The Ranches
And a few in "Cary" with no subdivision name.
Triangle Multi-List System
I pay dues and get the good stuff.
You Da' Man. When I move down in Feb. I should give you ring!
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