Just curious as I am trying to buy a home...how?

Question

much is your monthly mortgage? How big is your home, total living space that is.
Thank you.
I am looking at a new home that will be ready soon, it cost 485,000.
My monthly payments would be about 2300.
This home is fully finished, has 5 nice sized bedrooms, a beautiful kitchen, a deck will be built with it, and a nice sized yard for a new house.
I am just wondering if this is worth it, I live in Edmonton but the house is in beaumont.

Answer 1

if you can afford it and like the house it's worth it. you get what you pay for.

Answer 2

If you can afford it, it's worth it. If you are buying this house on one of those intrest only loans BE CAREFUL. If you don't sell in the time period set you will be paying twice that payment.

Do you need a house that big? Seems to be too much...we have a 4 person family plus 4 pets and just under 2000 sq feet. That is more than enough room for our family actually I wish our house was a little smaller as it is hard to keep up with the demands that a house takes.

Answer 3

with a loan amount of that size and payments at 2300 your interest rate on a 30 year term would be 3.94%... That doesn't add up right. Call a bank/lender and make sure you are going into a actual loan program that would work for you!!! Be careful when signing docs.

Answer 4

General rule of thumb is this, your monthly payments should not exceed 33% - 40% of your monthly take home pay. Also note that your monthly payment is P&I (Principal & Interest). The true cost of ownership per month is PITI (Principal, interest, taxes, and insurance). Be aware of that figure. Your bank should provide you that.

Answer 5

Sounds like a great deal.

Answer 6

I would say buy it becasue it sounds like a nice house. If you can afford it.

Answer 7

will you marry me? I'm a golddigger!