mortgage payment amount?

is a $3100 a month mortgage payment a norm on Long Island? I've never boguht a home but if we buy a newer home in the area we are looking that will be the approx mortgage with taxes and everything. We don't have any other debt but monthly living expenses and small daycare payment and make very good salaries. We were pre approved but I am having a HARD time wrapping my brain around that kind of payment.....jsut wondering, who exactly is buying al lthese newer homes and is that not a crazy payment, even though we can afford it seems ridiculous to me.....

Re: mortgage payment amount?

we actually pay a little over $3700. It really isn't bad for the house we have. I know couples that pay around the same as us and I know couples that pay a lot less then us (their houses are much smaller though). I don't think someone could really say what the norm is. It all depends on the house price, taxes, etc.

Re: mortgage payment amount?

Does these #'s include your property taxes? I am Soooo glad I bought so long ago

Re: mortgage payment amount?

there really is no "normal" amount on LI since homes & taxes vary so much.
I don't think $3,100 is unusually high.
good luck

Re: mortgage payment amount?

that is about what we will pay with both the mortgage and taxes.

Re: mortgage payment amount?

I think mine would be around that amount if we lived in LI, we live in Queens though so we save when it comes to taxes. So, I guess its somewhat normal!

Re: mortgage payment amount?

we pay 3300 per month inclusive of taxes...my house is almost 50 years old and in Smithtown

Re: mortgage payment amount?

ours is 2,100 with taxes & home owner ins. I would say the 3K range is normal we just happen to get a very inexpensive house in a decent village. We were only approved for that amount due to our salaries (so its really how much you make vs. your mortgage)

It will be going down thanks to the Star program and we filled for tax grievance.

Re: mortgage payment amount?

that's within a few hundred of what our mortgage will be with insurances and taxes.

Re: mortgage payment amount?

we pay $3100 a month plus all other bills and my student loans . We don't have any cc debt and we're doing okay. Our home improvements are coming along slowly since we don't want to put ourselves into debt. Don't know what your income is, but I'm sure you'lll be fine. You may just have to adjust your spending habits like I did. Good luck!

Re: mortgage payment amount?

There are so many variables to this. We have a small mortgage on an expensive house ($1,500 per month) but our taxes are $19k a year so add an additional $1500 to my monthly mortgage payment = $3k... Then monthly utilities anywhere from $1500 - $2k. Be prepared, it adds up!

Re: mortgage payment amount?

yup, with taxes and insurance, i would say that's about the average. 2k for mortgage and about 1k for taxes and insurance.

Re: mortgage payment amount?

Yes, just remember to file for the STAR program reduction if you qualify (there is no more rebate) and file a tax grievance!

Re: mortgage payment amount?

we pay that and we have a condo its a brand new, large condo in a great area but its EXPENSIVE!

sounds normal to me!

Re: mortgage payment amount?

Message edited 3/31/2010 11:16:22 AM.

Re: mortgage payment amount?

We will be paying $1,450 a month... then, it is around $700 a month for taxes. We are in a Townhome in Smithtown. So, our mortgage is $2150 including the taxes.

We, with all the other bills, cannot afford more than that right now. After a few years of DH being a teacher and when I become one we'll be really comfortable. But, we had to work within that budget... we were lucky to have a lot to put down. That helped. HTH!

Re: mortgage payment amount?

Unfortunately that is normal around here

Re: mortgage payment amount?

Sounds about right. There will be some above, and some below, of course, but I would bet that is right around the average for LI.