How Much House Can I Afford? House Payment Versus Mortgage Payment

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Real Estate Agent with The Wirt Team - Horizon Realty

How Much House Can I Afford? House Payment Versus Mortgage Payment

At current interest rates, a $150,00 house with 20% down would yield a mortgage payment of $644.19 a month according to a standard mortgage calculator. However, before you whip out the budget sheets, know there is a little more to the story.

What Factors Go Into a Home Payment?

When you buy a home, other costs will go into what you truly have to budget besides your mortgage payment. Your mortgage payment represents the principal and interest of the loan that you have taken out. You also have to take into consideration property taxes, home insurance, and, in certain cases, mortgage insurance. These costs will of course vary from person to person so it is important to talk these costs through before moving forward in a purchase. Home insurance will depend on carrier, coverage selected, deductibles and discounts from your insurance carrier. Mortgage insurance varies based on the type of loan you apply for. 

Bottom line: know the answer you get from a mortgage calculator is only one factor in how much home you can afford. For more information, call me at (830) 237-8463 or connect with me on Facebook and send me a message! 

Happy Homebuying!

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Rainmaker
1,356,001
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Wise post!   One needs to factor in all costs, before making a decision.

Aug 30, 2013 02:52 AM #1
Rainer
56,613
Kelle & Kevin Wirt
The Wirt Team - Horizon Realty - New Braunfels, TX
"There is a new Horizon in Hill Country RE!"

Thank you, Li! 

Aug 31, 2013 12:07 AM #2
Rainmaker
820,870
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Kelle, there are other costs in homeownership besides just the mortgage principal and interest.  Good job.  

Sep 03, 2013 01:39 AM #3
Rainer
56,613
Kelle & Kevin Wirt
The Wirt Team - Horizon Realty - New Braunfels, TX
"There is a new Horizon in Hill Country RE!"

Thank you, Juli. It is wonderful when clients can fully  understand the costs so they are not crushed later. 

Sep 03, 2013 01:46 AM #4
Rainmaker
2,966,384
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Kelle, This is so true. We need to factor in home maintenance as well. Things break and/or need to be replaced. All of which cost money! 

Sep 03, 2013 02:11 AM #5
Rainer
56,613
Kelle & Kevin Wirt
The Wirt Team - Horizon Realty - New Braunfels, TX
"There is a new Horizon in Hill Country RE!"
Yes thank you for your comments. I work with a lot of first-time homebuyers and they don't always fully understand all the costs associated with homeownership. I pride myself on a healthy desire to educate my clients especially those first time home buyers. I certainly want them to have the joy of becoming buyers who are move up buyers and if they're happy with the service that they received from me and the honesty with which I approach them they are more likely to use me again and recommend me to their friends I love referrals!!!!
Sep 03, 2013 02:18 AM #6
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Rainer
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Kelle & Kevin Wirt

"There is a new Horizon in Hill Country RE!"
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