How much would you spend on a monthly mortgage... UPDATE post 18 - Page 2

[Denvergirlie]

Sounds like a wise move.

We too are still renting, and still expect housing prices to drop. Sure interest rates will more than likely rise in the future, but we still feel that it would be foolish to buy at this time without a full 20% down, if not more. And since we expect prices to drop further, it can only benefit us to continue to save money and search for a place that will best suit our family unit.

[rhiOrion]

I think you're wise to wait in your situation.

I voted 1200, because that was our upper limit (or hopeful limit was 1k), and our financial situation is very similar to yours (we make slightly more, but pay that difference in the form of higher student loan payments- but we also have no other debt).

We ended up closing on a house last month and the payment will be 1000.

But since you can't find what you want in that price range, I'd wait it out a bit.

[pitter_patter]

How is the market in your area? Keep in mind that houses don't usually sell for full asking price, there's no harm in making some lowball offers on homes that are priced higher than what you can pay. Prices are still on the way down and then will stabilize before going back up, I hope you can buy your nest soon!

[hopefulfaith]

Originally Posted by krisnic

I would do everything in my power to keep a low mortgage/housing payment to open up money for other areas - retirement, savings, travel.

This is exactly what we thought about when we bought our house 1.5 years ago. We had to decide between a gorgeousbeautifulawesomeperfect house that would have sucked us dry and left no money for anything else, or this little ranch house, which was nice.

We live in the little ranch, and I'm so happy. It's perfect for our lifestyle now - the low mortgage allows us to have me SAH (which is good, since I am now underemployed and simply can't find a job) and also allows for us to continue saving for retirement/live debt-free. I'm glad we settled for less house, when it means we get to have more freedom.

[JamieCatheryn]

I said $1,000 but really with that kind of money I'd love to save up for like 5 years and buy or build a house cash.

[heymama1plus1]

I said $1000. Homes take up SO much money with repairs and such... figure on $200-300/ month to put away for that eventual outdated roof, broken AC, leaky dishwasher, etc (like your own homeowners association fee!). That's the beauty of renting... your expenses are fixed.

Make sure when you buy it is a blessing not a curse... be out of debt with a good emergency fund, keep it at a fourth of your take home pay and put 20% down. You don't want to be a statistic. Nothing wrong with renting when the alternative is a financial mess. Sometimes I wish I was still a renter when my house is acting up, and my mortgage is about 20% of my take home pay!