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(asked last night) but numbers changed a little bit- and link to the house.

http://www.howardhanna.com/property/property.asp?PRM_MLSName=FirelandsOH&PRM_MLSNumber=804101

This is the house I really want. If my hubby and I bring in after taxes almost 4000 a month, and the monthly payments with insurance and taxes would be about 1200 a month (a little less) Do you think that it is affordable on our budget?

 
krazyash023

Asked by krazyash023 at 10:41 AM on Feb. 25, 2009 in Money & Work

Level 2 (10 Credits)
This question is closed.
Answers (10)
  • Gorgeous house, I would LOVE that lake view!
    I think those are good numbers. A lot of people don't leave themselves enough after mortgage and end up being hosue poor. Yes it is nice to have a pretty house, but I also like to go out to dinner and do stuff. And with a home comes a lot of extra expenses (oil, taxes, repairs, etc.). I think now is a great time to scoop up a great deal on a house. Good luck!
    kboney29

    Answer by kboney29 at 10:46 AM on Feb. 25, 2009

  • I would think so. It really depends on how much your other finances are. It is a beautiful house though hun.
    lilbit837

    Answer by lilbit837 at 10:47 AM on Feb. 25, 2009

  • Yes! Your Housing should not be more than 35% of your income so that would be $1400 a month. At only $1200 a month you could use the extra $200 a month for repairs, updates, remodeling, or decorating the house.
    JeremysMom

    Answer by JeremysMom at 10:50 AM on Feb. 25, 2009

  • PS I am also green with envy of the price of that house. That house would be triple that up here in CT!
    kboney29

    Answer by kboney29 at 10:50 AM on Feb. 25, 2009

  • the only other thing we have is a 231 car payment. then water electric car insurance groceries which waters like 30 a month electric would be around 200 groceries are about 200 a month
    krazyash023

    Answer by krazyash023 at 10:50 AM on Feb. 25, 2009

  • I know- it was forclosed too so thats another reason why its so cheap. And one of my brothers friend was supposedly buying it but I think that is falling through. I emailed the realtor and am waiting for her to email me back. Ugh I love it and want it so bad. Haha PLUS my hubby still has 3 raises to go in three years. So in three years the income will be 6000 at least. I think we can but he doesn't. He wanted around 900 mortgage but whats 300 more a month? When we would sell it (if we would) its appraised for around 208 I think
    krazyash023

    Answer by krazyash023 at 10:54 AM on Feb. 25, 2009

  • Is the sale pending you? Not sure if you are aware but I just wanted to let you know in case, If you don't have the full down payment sometimes (depending on your lender) you will have to pay an insurance each month until you have paid off 20% of the total.
    JeremysMom

    Answer by JeremysMom at 10:55 AM on Feb. 25, 2009

  • Yeah my brothers friend was buying it but he isn't anymore so its supposed to be going back on the market.
    krazyash023

    Answer by krazyash023 at 10:57 AM on Feb. 25, 2009

  • I think you COULD do it. I'm not sure if it would be WISE It's a cute house, though-gotta love the "outdoorsy" look:)

    What are you putting down?
    Anonymous

    Answer by Anonymous at 11:01 AM on Feb. 25, 2009

  • FYI- If you don't put 20% down, then you will also have to pay PMI insurance. This is not optional, the bank will make you, so that would add another $150-$200 ish to your mortgage. Just so that you are aware that there may be more money involved than you think.
    slw123

    Answer by slw123 at 11:50 AM on Feb. 25, 2009