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Old 11-02-2018, 02:20 PM
 
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My wife and I are planning to buy our first home in the 300-500k range. Most of the homes that we like seem to fall into the $400,000 range.



Im wondering what a monthly mortgage payment really looks like on a fully financed $400,000 home. What type of interest rate did you lock in and also did you make a 20% down payment?
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Old 11-02-2018, 02:26 PM
 
Location: Rochester, WA
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https://www.amortization-calc.com/
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Old 11-02-2018, 02:30 PM
 
Location: Rochester, WA
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Followup... don't forget to leave some buffer in there for the cost of insurance and taxes. Annual taxes for a home can usually be found on most listings.


Best idea though, is to talk to lenders! Ask them these questions, get pre-qualified so you know what you can spend and what your interest rate might be for your credit and type of loan.
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Old 11-02-2018, 03:10 PM
 
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I am aware of mortgage calculators and have spoken to a few lenders previously. I am hoping to get some real world feedback however. Sometimes its interesting to hear just how different that buffer actually is based upon the buyer circumstances.
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Old 11-02-2018, 05:05 PM
 
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What zip code(s) are you shopping in? And are you talking about a loan amount after a 20% down payment? thanks
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Old 11-02-2018, 05:11 PM
 
Location: Central New Jersey
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Oh man. I was worried about carrying a 100k mortgage lol
Save up some more OP. that's a huge chunk of change, whatever the final payments gonna be.
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Old 11-02-2018, 05:43 PM
 
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Quote:
Originally Posted by BlueRidgeHorizons View Post
I am aware of mortgage calculators and have spoken to a few lenders previously. I am hoping to get some real world feedback however. Sometimes its interesting to hear just how different that buffer actually is based upon the buyer circumstances.
Mortgage payments are calculated using a standard equation. It's math. The calculators are accurate. The only variables are HO insurance and tax, which will be different for each person.
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Old 11-02-2018, 05:52 PM
 
Location: Florida
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The variable is the interest rate. What rate you lock in will differ from most other people. For example, my previous rate was a wonderful 3.5% and my current rate is 3.85%. However now the mortgage rates are 4.75% and climbing.
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Old 11-02-2018, 07:15 PM
 
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Originally Posted by kab0906 View Post
The variable is the interest rate. What rate you lock in will differ from most other people. For example, my previous rate was a wonderful 3.5% and my current rate is 3.85%. However now the mortgage rates are 4.75% and climbing.
Yeah, that's a part of the base calculation. A $400k mortgage at 3.5% interest is the same P & I for everyone with those same exact figures.
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Old 11-02-2018, 07:43 PM
 
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$400,000 house. Purchased with 10% down at 4.125%, payment was about $2,800 (mortgage, insurance, taxes, PMI). A year later we did a "no cost" refi during Brexit, the house was reappraised and came in high enough to drop PMI. New payment is $2,500 at 3.5% (Mortgage, insurance, taxes). Our taxes are about $10,000 with an acre.

We have no kids, and pretty standard outgoing expenses. $370 a month student loans, and 1 car payment at $300 a month. Our monthly housing payments are usually between 16%-20% of income depending on my commissions and how our little side business does. Even when its a lower earning year the housing payments are never an issue and extremely comfortable.

Wife has a government pension, I put 6% to 401k, we both have IRAs, and we're closing on a rental property in about 2 weeks. So we're far from house poor.

I'll say this.. We're very frugal people. I could easily afford a new Jag but drive an old truck I won at auction. We could refurnish our whole house but we buy pieces here and there at Habitat for humanity, we eat out plenty but typically only if its a byob or during a happy hour. The $300 car payment is a CPO hyundai SUV for my wife cause I want to know shes in a safe vehicle. We just don't care about flashy things, we'd rather pay off our debt and make smart investments and see them pay off ten fold in a few short years.
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