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Old 06-15-2015, 05:53 PM
 
Location: Wilmington, NC
129 posts, read 150,608 times
Reputation: 99

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Is it possible to live in a nice area with a total monthly payment $1200 or less for mortgage, taxes, HOA, insurance for owning a home? Just curious Thanks!
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Old 06-15-2015, 06:05 PM
 
1,040 posts, read 1,020,726 times
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Well, it depends on a lot of factors and I think we'd need more information. How much do you have to put down and will it be a 30-year or a 15-year mortgage. $1,200 would be a tough budget. And I think with homeownership, there's much more than just your monthly payments. You need extra savings for all the "once-in-a-whiles" that getchya, like a new roof, new AC, new water heater, etc.
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Old 06-15-2015, 06:11 PM
 
290 posts, read 339,637 times
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Yeah, that's plenty doable even with 5% down. Talk to a banker, I'm guessing 1200 per month would be about 150k with no hoa.
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Old 06-15-2015, 06:48 PM
 
27,214 posts, read 46,754,781 times
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Maybe take a home warranty for some big ticket items like a water heater, AC, etc. which can save you money unless that is all on the newer side.

I'm not so much in favor of warranties but have seen a lot of savings with home warranties on homes that are older or especially the ones build around 2005 - 2008/2009.
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Old 06-16-2015, 05:57 AM
 
1,139 posts, read 3,467,645 times
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Quote:
Originally Posted by beachbuminAZ View Post
Is it possible to live in a nice area with a total monthly payment $1200 or less for mortgage, taxes, HOA, insurance for owning a home? Just curious Thanks!
Need more information. is it 2 bedroom home or 3 or 4 bedroom home ?

Assuming 5% down payment - $1200 including mortgage, taxes, PMI, HOA and insurance is very unlikely in a nice area.
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Old 06-16-2015, 06:16 AM
 
Location: Castle Rock, Co
1,613 posts, read 3,239,806 times
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on 170k with taxes and insurance the payment is 1250ish - this will depend on taxes and interest rate though, but if your stay around the 150 range you shouldnt have any issue staying under 1200.. just dont go into a neighborhood with an HOA
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Old 06-16-2015, 07:25 AM
 
Location: Wilmington, NC
129 posts, read 150,608 times
Reputation: 99
Thank you! Any great family neighborhoods in the $150-$175k price range?
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