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December 2012 Moms
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How much is your monthly mortgage payment? Clicky Poll

SillyStrawSillyStraw member
in December 2012 Moms

Totally not pg related I know!  Forgive me.  DH was asking last night what I thought the average mortgage payment was and I said who knows!  (it obviously depends on so many individual factors).

So, out of curiosity, how much is your monthly mortgage?

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Re: How much is your monthly mortgage payment? Clicky Poll

  • rmaximrmaxim

    "Average" depends on where you are, when you bought and the rate you got so I think the real benchmark is the ratio of your monthly take-home pay to your mortgage payment. I think banks like to keep it under 50% of your take home pay when approving you for loans. Not that you *have* to spend that much.

    We unfortunately bought at the height of the market in 2006 and paid too much for our house in an expensive area, so ours is sky high. 

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  • MissusTexasMissusTexas member
    We own a duplex and the income from the other side covers our mortgage (plus some cash flow).
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  • khays8785khays8785 member
    imagermaxim:

    "Average" depends on where you are, when you bought and the rate you got so I think the real benchmark is the ratio of your monthly take-home pay to your mortgage payment. I think banks like to keep it under 50% of your take home pay when approving you for loans. Not that you *have* to spend that much.

    We unfortunately bought at the height of the market in 2006 and paid too much for our house in an expensive area, so ours is sky high. 

    especially this I think, for recent buyers... A 3-4 bedroom house in Texas that goes for $230K could easily go for $400K+ up in NYC/tristate area (where we've purchased)
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  • lmb5109lmb5109 member
    We rent a 2bed/2bath now for $1350 but we just sold our 1 bedroom condo in Chicago and our mortgage with assessments was a little over $1200
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  • acardona1010acardona1010 member
    We just bought ours 2 years ago so we got it when the interest rates were pretty low.  Our rate was 5% but I'm wondering if we should try refinancing?  I don't know much about all that though.
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  • blonddnycblonddnyc member
    totally depends on the area... in the NYC/NJ suburbs a house that is $500,000 is IMMENSELY DIFFERENT from a house with the same price in lets say.. Virginia or North Carolina. If we had our house down there we would live in an enormus mansion with multiple acres.. hahaha.. all about where u are in relation to a city, transportation, businesses, etc..
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  • acardona1010acardona1010 member

    imageblonddnyc:
    totally depends on the area... in the NYC/NJ suburbs a house that is $500,000 is IMMENSELY DIFFERENT from a house with the same price in lets say.. Virginia or North Carolina. If we had our house down there we would live in an enormus mansion with multiple acres.. hahaha.. all about where u are in relation to a city, transportation, businesses, etc..

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  • JordanL1221JordanL1221 member
    $579 for the mortgage. It's 4 bed/2 bath built in 2008 for $138k. We need  bigger house though, or at least bigger rooms/storage.

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  • ClarissaExplainsItAllClarissaExplainsItAll
    We have a lot of mortgages. I voted for the mortgage on the house we plan on moving into in the next few months, but in hindsight I should have voted SS. 
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  • SummerOHSummerOH member

    imageacardona1010:
    We just bought ours 2 years ago so we got it when the interest rates were pretty low.  Our rate was 5% but I'm wondering if we should try refinancing?  I don't know much about all that though.

    We bought ours in 2009 during the first time homebuyer's credit.  We just refinanced to 3% in March.  Interest rates are at historic lows right now.  You should look into refinancing.  We went from a 30 yr to a 15 yr and our payment only went up $100/month.  Even if you don't plan on this being your forever home, you still build equity so much faster on a 15 year.  If we sell in just 5 years we'll have 30k more in equity than we would staying w/ a 30 year.  Definitely something to look into - even if it's refinancing from a 30 to a 30 at a lower rate. 

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  • fishy24fishy24 member

    imageJordanL1221:
    $579 for the mortgage. It's 4 bed/2 bath built in 2008 for $138k. We need  bigger house though, or at least bigger rooms/storage.

     Um, can you please tell me where you live?  I pay more than 3 times that to rent a 1 bedroom apt. in an outer borough of NYC.  Sigh.... 

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