(Closed) How much was your downpayment compared to the purchase price?

posted 7 years ago in Home
Post # 3
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

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).

Post # 4
Member
2512 posts
Sugar bee
  • Wedding: August 2011

@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. 

Post # 5
Member
3375 posts
Sugar bee
  • Wedding: October 2011

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.

Post # 6
Member
1902 posts
Buzzing bee
  • Wedding: October 2012

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

Post # 7
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

@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.

Post # 8
Member
14496 posts
Honey Beekeeper
  • Wedding: June 2011
Post # 9
Member
2512 posts
Sugar bee
  • Wedding: August 2011

@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) 

Post # 10
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

@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 3×4 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.

Post # 12
Member
1137 posts
Bumble bee
  • Wedding: September 2011

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.

 

Post # 13
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

@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.

Post # 15
Member
246 posts
Helper bee
  • Wedding: July 2011

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!

Post # 16
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

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.

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