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Never look at how much you’ll pay overall for a 30 year mortgage unless you want to be super depressed. It’s a lot, even with low interest rates.
Mortgage?
Posting anonymously just for privacy reasons. Also I understand if no one wants to respond, I promise I’m not trying to be nosy lol. First off let me say, my husband and I bought almost 2 acres of land and are trying to get a home built. We are approved for the loan but the mortgage just seems like a lot to me lol. The price of the home would be about 216,00 (can’t remember the exact dollar amount) for a 3bed 2 bath home that is 2016 square foot. We love the house and customized it how we want it. Now we would be the first in our families to actually buy a home besides our grandparents. So neither sets of our parents have bought a house, besides a mobile home and the loans are different for them, which is why we don’t know much about buying a home and that’s why I’m asking. We are approved through the FHA with about a 4.8 % interest rate with mortgage looking around $1400-$1500 a month for 30 years. Which sounds like a lot lol. But it’s only one of my checks a month ( I make around 2800 after taxes) and my husband makes more than I do. But In the long run we would pay about $522,000 for this house if we don’t pay our loan off early. I guess what I’m asking, is this how much other people’s mortgage is on a house that is a little over $200,000 purchase price? We love the home but don’t want to be getting ripped off.
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Ne
I’m not saying it’s not the truth I was asking if you’re sarcastic saying “never look at how much you’ll pay overall”....I think if you’re taking out a large loan and getting into contract with a bank you’d be an idiot not to know all the details of your contract
D
So true
Me
It’s the truth. You’ll be depressed and maybe even disgusted to see how much more you’ll pay for the house than the listing price, but that’s part of buying a house.
If you are going FHA, then you are also paying mortgage insurance or PMI. That is going to drive up the monthly payment. In the beginning, your payments are mostly interest, and as the years go by, more goes towards the principal. You can eventually try to refinance to get into a conventional loan and out of PMI. Good luck!
That is on the higher end of interest, but it's about what we have. We didn't have a big downpayment and had to pay mortgage insurance and and escrow account. Just be aware that they can and probably will raise your payments at some point...if it's to keep more in the escrow account to pay for taxes, they are allowed to do it. Ours went up about $100 a month this year.
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