i make $3000 a month house payment? please answer...?

Question

my loan it will be 140k....with 35,000 down payment "silent loan" assistance from the county....they are saying my payment will be around 1094.00 a month with tax and insurance.what other expenses should i consider?with a 30 yr fixed rated of 6.25 (good faith estimate) only. house it will be 25 minutes away from my work..... should i reconsider...i have no other debt like car payment or credit cars...please advice me...no pmi insurance or flood zone c. its a short sale bank approved "must" (in california) price 175.000 dlls

and we got about 13 thousand in savings we are asking for 8300 for closing cost?no car payment no credit cards..payment is 1049.00 a month with tax and ins..

Answer 1

You would be extremely tight there. $3K monthly gross income would leave you around $2K take home pay. $1,100 goes to your house payments + insurance + tax as you said, that leaves you $900 to spend on things like utilities (gas, electric, water, trash), home and cell phone, internet, food (cook in and eat out), car payment if any, car insurance and gas for car, home repair in case you need it, daily sundries, entertainment money, etc. Can you live this tight for 30 years? Not to mention that you don't have much left (if any) after your daily expenses for retirement saving

Answer 2

Your question is a little confusing as in your heading you state you make $3000 house payment. Did you mean you earn $3000 per month?

Then in the body you say your monthly payments will be $1094.00 with tax and insurance. This sounds more like it.

Tell your mortgage lender to lock your rate at the 6.25% and give you a locked rate form. If he/she can do this go ahead and accept the rate.

You have a good rate, purchase price and a silent loan to give you the down payment. What is there to re-consider?

I hope this is of some use to you, good luck,

"FIGHT ON"

Answer 3

It sounds like you're getting a great deal....Run with it. Other possible expenses to consider would be:

-Sewer bill
-Trash pick-up bill
-Basic utilities like water, electric, natural gas, etc.
-Unexpected maintenance (i.e. water heater breaks, pipes bust, A/C goes out, etc,). I'd recommend a 1 year renewable home warranty that covers those basics.
-Home Owners' Association Dues (if applicable)
-Special Tax Assessments or SID/LID fees (it would come up on a title search likely)

.....Other than that I think you've got it made. It's a much better scenario than renting. Good luck with the new home!

Answer 4

You wont get a 6.25 on a fixed interest rate. Rates are way high right now. I dont care what your GFE says.