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MrsMerlot
Unconditional Love
Member since 4/06 6005 total posts
Name:
Chrissy
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"Decent" Downpayment...
We're just looking to get an idea...but what would be considered a "decent" deposit to keep a mortgate in the $1K - $1.2K range?
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Posted 1/10/07 4:05 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: "Decent" Downpayment...
ok i completely read the question wrong
I was reading beth's response going, What the heck is she talking about?  realizing I read it wrong 
Message edited 1/10/2007 4:22:38 PM.
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| Posted 1/10/07 4:08 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: "Decent" Downpayment...
It depends on how much the house is, how much the taxes are, etc. A lot of website (including MLSLI) have a mortgage calculator where you can play around with numbers. That might give you a better idea.
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| Posted 1/10/07 4:12 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: "Decent" Downpayment...
I would guesstimate 75% or almost the entire purchase price b/c of the taxes
average taxes are $7K a year- so that's almost $600 a month
that's not leaving you much room
we would really need to more info to figure it out
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| Posted 1/10/07 4:18 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: "Decent" Downpayment...
Posted by ChrissynRicky
We're just looking to get an idea...but what would be considered a "decent" deposit to keep a mortgate in the $1K - $1.2K range?
Not sure. But check the mortage calculator thing on MLS!!
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| Posted 1/10/07 4:19 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: "Decent" Downpayment...
ok my real response:
it all depends on how much the house is, how much the taxes are, how much insurance is, how much for closing costs...
if you want to, fm me some scenarios and I can figure it out, i have an amortization calculator at work :)
eta: a $175,000 mortgage at 6% is a payment of $1049....figure $6K in taxes, which would be $500/mo, and insurance at $75/mo, you are at $1,625 already....
Message edited 1/10/2007 4:26:07 PM.
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| Posted 1/10/07 4:23 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: "Decent" Downpayment...
Including taxes or not?
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| Posted 1/10/07 4:26 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: "Decent" Downpayment...
as a rough guide every $100K you borrow at 6% is $600. And like people said taxes will be a good $500-800/month + $80-100/month insurance
so if you want to buy a $300K house and have everything under $1200/month - you would probably need to put $200K down
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| Posted 1/10/07 5:16 PM |
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MrsMerlot
Unconditional Love
Member since 4/06 6005 total posts
Name:
Chrissy
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Re: "Decent" Downpayment...
Thanks for all your responses ladies.
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| Posted 1/10/07 5:50 PM |
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