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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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OK, is this really true?
For every $10K more you spend on a house, your mortgage only increases $62 a month?
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Posted 7/29/07 4:11 PM  |
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Prudential Douglas Elliman Real Estate
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Re: OK, is this really true?
Posted by prncss
For every $10K more you spend on a house, your mortgage only increases $62 a month?
Yep...it's true!
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| Posted 7/29/07 5:46 PM |
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: OK, is this really true?
Yep - something like that
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| Posted 7/29/07 5:55 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: OK, is this really true?
Yup...approx. $1000 for every $100000 on a house....
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| Posted 7/29/07 6:30 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: OK, is this really true?
Posted by prncss
For every $10K more you spend on a house, your mortgage only increases $62 a month?
yup, based on the current interest rates its just about true...give or take a few dollars.
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| Posted 7/29/07 10:17 PM |
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MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Re: OK, is this really true?
Yes, but after 30 years, that $10,000 can really be over $20,000. That's why some people choose to take out extra on their mortgage for things like furniture. That will cost a lot more in the end. But it it's the toss up between a $455K house or a $470K house, it's just a few bucks more a month.
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| Posted 7/30/07 7:57 AM |
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tabrtm
LIF Adult
Member since 10/06 1314 total posts
Name:
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Re: OK, is this really true?
My RE quoted about $35 for $5000, so that is correct.
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| Posted 7/30/07 8:13 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: OK, is this really true?
Yes, it's true give or take a few bucks, but that winds up being thousands and thousands of dollars over 30 years. That interest is a beyotch. It's an important thing to consider long term.
While it may be only $65/mo to finance an extra $10,000, you'll pay about $23,400 over 30 years. That means you're paying $13,400 for $10,000.
Just something to think about - Yes, monthly payments are important, but it's also important to look at the bigger picture. 
But yes, an extra $10,000 of financing doesn't add a whole lot to your monthly mortgage payment at current interest rates.
Message edited 7/30/2007 8:40:58 AM.
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| Posted 7/30/07 8:35 AM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: OK, is this really true?
Thanks, everyone. I just like to know if someone's bs-ing me, ya kno?  I just get annoyed that if I tell the REA that xyz is our price range and she goes over it by 40K and tells us, things like this. I'm sorry, but if I wanted to spend 40K more, then I would have told you that.
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| Posted 7/30/07 10:58 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: OK, is this really true?
Posted by prncss
Thanks, everyone. I just like to know if someone's bs-ing me, ya kno? I just get annoyed that if I tell the REA that xyz is our price range and she goes over it by 40K and tells us, things like this. I'm sorry, but if I wanted to spend 40K more, then I would have told you that.
Keep in mind, too, that it's highly unlikely you'll spend anywhere near the asking price. We got our sellers down $45k on a condo that was only listed in the high 3s to begin with.
So looking at a house $40k over your budget could really mean you could get it for within your budget.
But I'd stick to your budget for the ultimate purchase price. It's good to know your max and not go over!! We almost went to our max on another house, but the deal fell through. We lucked out by finding just what we needed and wanted for way less than we wanted to pay. (We should be going to contract this week!!)
Good luck house hunting.
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| Posted 7/30/07 11:42 AM |
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