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And how much is your mortgage payment now?
FI and I are looking at buying a home in the next couple years (the sooner the better, as far as I'm concerned) and we are nervous about getting saddled with a mortgage, etc. We originally wanted to buy a home 100% in cash up front, but to save up for that would take us 10-15 years, which we don't want to wait for.
So my question to you, to get an idea of what our downpayment savings aim should be, is: how much was your downpayment compared to the purchase price, and how much is your mortgage payment now?
Thanks!
We put 10% down. We had about 15% and the bank advised us that since we would still have to pay PMI that it wouldn't make a difference even if we put the extra 5% down. We took that extra money and did some remodeling projects.
Our mortgage payment is around $1750 I believe (we escrow everything so just trying to figure out the breakdown).
@roxy821: whew that is a lot!
We will be putting down 5%. Our mortgage payment is going to probably going to be anywhere from $900 to $1200.
We put down 20% and our mortgage is $2200 a month. ouch. But it was our choice. I think a 30 year mortgage would have only been like $1000 a month. Housing is expensive here.
Sorry it's all in £'s, but may give you a idea :)
We put down 15% deposit on a £145,000 property, making it around £22,500.
We currently pay £700 a month mortgage, over 25 years
Hope this helps you
@tranquility- We didn't have much of a choice and we do not by any means live in a lavish home. Within a 20-30 mile radius if we didn't want to be in low income areas finding a house under $350k in near impossible.
@roxy821: I completely understand! We live in an area right now that is crazy expensive too! A basic townhouse is running around 350 too!
We decided to move out of the city and I do the commute (DH works from home so we arent spending on his commute).
(hopefully that "whew" didnt come off as mean lol I was just whewing at buying a home... we are in the process and it is all just so dang expensive)
@tranquility- No not at all. I have been to a couple of nationwide conference lately for work and on our last conference we were taking about home prices and some people built houses 3x4 time the size as mine for a 1/4 of the pirce but that was mostly in the midwest. It is what it is, I think as long as we are smart with our money we can't change the housing market. And we bought a yr and half ago so we are used to the payment by now and lucky that we have never had to be late.
Oooh these answers give me hope that we will be able to save for a house WAY sooner than I thought -- like maybe in the next 6 months - 1 year! Our budget is around $100-$160k (which, in this area, thankfully will get you a pretty nice house) and we usually put about $2k/mo away in savings, so...saving up another $10-$15k should be easy.
I always thought that people paid ridiculously high amounts for downpayments. Like 50% or more. LOL I'm still pretty clueless when it comes to home buying...I've got a lot of research to do, clearly.
We live outside of DC and it's ridiculously expensive around here. We tried to set our budget lower, but decided to go higher and just do FHA and 3.5% down. Sure, we have a hefty mortgage (between 2-3k), but at least now we can save for our down payment on the next place.
@Kant- I had the luxury of moving back home during our engagement and when we decided to buy a house so I took what our month payment + utilities would be and put them into a savings account. This way I knew what I could afford and also was able to save for a down payment. If you rent you can figure out how much more expensive it would be to own than rent and put that amount every month into savings.
@roxy821: Hmm that's a good idea! Though I think our rent + utilities is maximum what we want to pay on a mortgage too (all told it probably averages to just under $1k/mo) so I don't know if we could put any extra from that into savings, but that would definitely be a good way to "feel out" a mortgage payment for someone who wants to do that.
We ended up putting $0 down. Our purchase price was $96,000. It was what the banks were offering at the time that we purchased about 7 years ago. We purchased the house without much thought and I wish we would have saved up for the down payment, it sould have givin us time to look around more. Within a year of owning the house we had to spend about $20,000 to keep it from collapsing. :( but I do love our old character house.
We currently pay almost $800 but we are paying more than the minimum so we can pay it off faster!
We put down 20%. I would never put down less myself because I don't want to pay PMI and we had a hard enough time getting a traditional mortgage right now. Our payment with taxes and insurance is about $1,600.
We're going to put down 20%. I thought it would be a good idea to put down a higher percent to lower our mortgage, but FI says it's more financially sound to put down 20% and pay a higher mortgage because of the low mortgage rates. I don't necessarily understand, but he works in housing, so I trust him!
We put 10% down. I think our monthly mortgage payments, when we were paying biweekly with a 25 year amortization period, were about $1350 (we got in just before the housing market crash and have an unbelieveably low variable rate). We are trying to pay off our mortgage and build equity, so we now pay about $2000 a month (with biweekly payments), and this has shortened our amortization period to 12 years.
We put down 5%. People here usually put down 5%-10%. If we put down 25%, we can forgo CMHC fees. But most people do not have 25% of their purchase price.
I put down 20% on a $500,000 townhouse. Our mortgage payment is $2,000 a month.
we did 5% and our monthly payment is $1175 for a 180k loan. we did an FHA rehab loan so we did repairs ourselves.
We put 20% down on a 124,000. Monthly payments are around $518.00 a month. For our area we have a really nice home and a payment we can more than afford. I think we really lucked out for our first home.
Thanks for sharing all of this information, ladies! My DH and I are planning to start building our dream home in 2012. Hoping the rates continue to stay low!
Not to threadjack, but I have another question for all of you....... What is the recommended debt to income ratio these days? (The last time I applied for a mortgage was 11 years ago).
Thanks again!!!
3.5% and our mortgage is $950/mth. We bought a townhouse verses a single family home as we are not married, and have no kids at this point. Frrst time moving out from our parent's homes for both of us.
We put down 20% our total payment a month is 738.00 our actually mortgage portion is 534.00 and 204.00 goes into our escrow account. If you are staing put where you are now for a while BUY our rent was 741 for a crappy 900 sq foot 2/1 now we have a 3/2 home with over 2000sq ft!!!
My purchase price was $195,000 and I put down $12,000 as a downpayment with a $2000 lump sum payment shortly after. My monthly payment is about $950, but I round it up to $1000.
We are still looking, but have it figured out for the summer. We are looking at houses around $200-$250K. We currently have about 7%, but are living like paupers to try and get to 10-15% before the summer.
Because we likely won't have 20% we will have to pay the insurance fee. Our monthly payments will range from about $900 to $2200 based on the purchase price and years we strech our morgage over.
In Canada you cannot buy a house without 5% down, and if you have less than 20% you have to pay an insurance fee (which is an extra __ % each year). With prices in outlying major cities still being at least $150,000 for a townhouse and $250,000 for a small single family home, it feels nearly impossible to ever get to that 20, so my SO and I decided to eventually give in and just pay the fee.
3.5% (which was slighly less than $10k), and mortgage payment is $1535/month. It's expensive here.
With regard to debt-to-income ratio, there are tons of home affordability calculators (Google "how much home can I afford" + calculator) where you can plug in your debt, expected mortgage rate, how much cash you have to put down, etc.
Use the conservative estimate to get a sense of how lenders will evaluate you in this market. Don't forget that if you use a conventional loan instead of an FHA, your mortgage will depend upon your credit scores. Pull copies of your reports and see what you can do to bump them up if necessary.
@hergreenapples: Good work on the payments! That is what we eventually want to do as well!
@Sasha2011: The CMHC stuff sucks, but I understand it. We paid it as well.
@takemyhand: Our goal was 20% initially too. But realistically the fee was coming at us with the timeline we wanted for the house. We figured it would be something we would just have to deal with once and next home(s) we would have enough savings and equity from previous houses that we had to start somewhere!!
We put just 8% down on a 240000 new build where we are. Went into a variable rate. Our payment is $352 bi-weekly, but we pay $500 bi-weekly and once student debt is gone will move into $1000 bi-weekly to really hack down principal. We struggled fixed vs. variable forever. But we have already paid down more principal in the variable in 18 months than we would have 5 years fixed, so anything from here on in is bonus, especially with our plan! Student loans will be gone by August and then it's on!
OP. Good luck in your home buying process! Wouldn't wish it on anyone, but in the end, it is fun when you get the keys!
We are planning to put 20% down, and our mortgage (with taxes and insurance) will be around $2800/month. Welcome to one of the most expensive areas of the country. :)
If you can I would put down 20%. PMI is basically money in the garbage. Mortgage payments vary so much because of Property Taxes and Insurance. Just do your research and make sure you feel comfortable. You will know when you find the right house for the right price.
we put 5% down.. about $16,000 or so. not a lot but we wanted to move in quickly. our mortgage payments are really low.. about $567 bi weekly. i'm in canada and our interest rates are a lot lower than the states i beleive.
@Kant: i put 20% down and my mortgage is $728/month. i had to do 20% because i didnt have much of a credit history (not bad credit, just no history because i'd never bought a car or anything significant).
We put 5% down and bought a two bedroom condo for $235,000. Our current payments are on an accelerated bi-weekly mortgage for 17 more years at 5.78%, and we pay about $1400/month with property taxes lumped in. We've since put down an additional $40,000 in prepayments on top of our mortgage, since we want to build equity to have a larger downpayment for the next house.
I didn't even realize it was possible to put down less than 20% anymore!
We put down 30% and you don't want to know our monthly payments, lol! I will say they are about 25% of our monthly net income, so not too bad.
We put down 20%, and have monthly mortgage payments of a little under 3K. Not too shabby for living in CA! (Sad, I know..)
@moderndaisy: If you take out an FHA loan, you can only put down 3.5%. It was a good rate and a good decision for me because I bought a small place, but if it had been a crazy rate where I was just scraping by, I think I would easily be underwater by now given the current market.
We put down $128,000 on a $428,000 home. Funny thing is, it's a semi-detached house (certainly nothign huge or fancy!) but in a really highly sought after country community which was where we both grew up, so we made the sacrifice to save big and buy a more expensive but smaller home in an area we wanted to raise a family. Luckily it's big enough i don't see us moving out anytime soon.
We had a really big down payment but saved like crazy people for 2 years, cashed in our RRSP's ($25k each) and took every cent from the wedding and added it (just under $8k) and our mortgage is $1596 a month (bi-weekly at $798).
Our home insurance is an additional $78 a month plus aprox $250 in utilities (cable, water, hydro, gas).
:) Once you start paying the mortgage, it feels like you've done it forever and don't even miss it, home ownership is wonderful!
Best of luck :)
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