What is your mortgage

[stemikger]

Due to the somewhat cooling of the housing market, I was wondering what kind of mortgage the Disers have. I am curious about this because where I live people are mortgaging more then the purchase price of my house. I really can't see how they are doing it. I am one of the lucky ones. I bought at the low end of the market 13 years ago and should be mortgage free in about 6 years. My sister on the other hand bought high and dosen't see an end in sight anytime soon.

So how much of a mortgage did you take out to buy your house and what is your monthly payment.

 

[stemikger]

13 years ago I borrwed $114,750. I pay with taxes and insurance $981 per month. My principal balance is now down to $78,000.

The purchase price of my home was $145,000, it is now worth over $400,000.

The houses in my neighborhood are going anywhere from $400,000 to $750,000. I know several people who are borrowing $400,000 and better to get into a house.

Wow.

 

[zurgswife]

We refied a few years back got a great rate my monthly payment is $1580 put I pay it bi-weekly so my excellerated payoff is like 10yrs sooner.

I paid $150,000 and the house is probably worth about $300,000 but I don't plan on selling just building an addition.

 

[Jon99]

We bought almost 5 years ago, paid $110K and put no money down, home is currently worth about $150K and out mortgage balance is around $95K. We have a 30 year fixed at 6.5%, payment of $755 (which includes about $70 for PMI, which we are looking into getting rid of).. Taxes are $2400 and insurance is $725.

 

[PamNC]

We bought our house 4 years ago - after the down payment we borrowed $183,000. With PMI, insurance and tax the payment is $1,354. We had it reappraised and the market value is at $239,000.00 now, but I'm not selling anytime soon.

PamNC

 

[disneysteve]

We bought in 1994. Paid $142,000. Put down 20%, or $28,400 and borrowed $113,600. We've refi'ed a couple of times and now have 22 years remaining on the current loan. Balance is about $103,000. Total payment PITI is $1260. I expect to have it paid off within the next 10 years. The house is currently worth somewhere in the $300,000 neighborhood.

 

[punkin]

Your mortgages sound so low to me. I am in a 4 bedroom split level built in 1964. Nothing fancy mind you. My mortgage is $450K. My house just appraised for $650K for tax purposes. The house accoss the street (almost identical to mine but we have a brand new kitchen and 2 new bathrooms) recently sold for $725K. I am not worried about the current slow down because I have no plans to sell for at least another 5 years. As long as I can afford my mortgage payments, it's all good.

 

[Littlemotherhaywood]

We financed almost 89,000 after our downpayment and our monthly payment is $750. We try to pay extra when we can. The mortgage is down to 83,000 now after two and a half years and we'll have to sell (our original plan) or refi in another two and a half. We've put a lot of money towards remodeling though, otherwise our mortgage would be going down a lot faster. Our current home value (based on other homes and repairs we've done) should be about 20,000 more than we paid so I'm hoping the market holds till we're ready to sell.

 

[DVC Sadie]

Our mortgage payment for the house in Maryland is 856.00 which we paid 77,000.00 in 1988. It just appraised for 450,000. The market in Maryland has definitely cooled a bit but it it still isn't bad.

Certain parts of the country the real estate has gone through the roof.

 

[AlwaysEeyore]

We bought our home 7 years ago for $75,000 with $13,000 down. We took out our original mortgage of $97,000. We Refid 2 years ago to do an addition and now have a mortgage of $204,000, with $3,100 in taxes and our insurance we pay $1,587.00 a month. But the house is now worth about $385,000.

 

[welovedis]

Bought 9/96 for $81,500, refinanced in 2000 and our payments are about $650 + taxes/insurance of another almost $300/month. Our original loan in 96 was 30 years, we re-fied for 15 and we have been paying extra on the principal so I predict the loan will be paid off in early 2008-yeah!

The housing market here in the upstate NY area is not booming so my house is now worth about $100K or so. 4 bedrooms, 2 full baths, nice front porch and a decent sized yard doesn't cost too much where we live. The bonus is that the schools are good so that is what is important to us.

We are considering a move to either northern VA or possibly the triangle or triad areas in NC and cannot believe how little $200K buys down there! Here you could get 3000 sq ft, & a 3 car garage for that price. Taxes are higher but the housing in those areas is phenomenal!

 

[barbeml]

Purchased new more than 12 years ago for $113,000 (30-year mortgage, 20% down plus paid upfront for upgrades, financed $89,000).
Refinanced a few years ago to a 10-year loan.
We will be mortgage free in a little over 7 years, which is good because our taxes will likely equal or exceed our current total payment by then.
Current total payment is $1,152.
Just appraised at $300,000 (townhome). Singles in our neighborhood are in the $700,000 range.

 

[Chicago526]

Just bought last August. Paid $184,000, put 20% down ($37,000). 5.75% interest on a 30 year fixed, our total payment with taxes and homeowners is $1300 a month. As far as I can tell, prices haven't moved this spring, up or down. But it's early yet, the market doesn't tend to do much between Easter and June, no one wants to move until the kids are out of school.

 

[mlwear]

We refied a few years back got a great rate my monthly payment is $1580 put I pay it bi-weekly so my excellerated payoff is like 10yrs sooner.

I paid $150,000 and the house is probably worth about $300,000 but I don't plan on selling just building an addition.

I can be a little dense when it comes to matters such as this..do you mean that you pay $1580 two times a month ($3160/month)? It only takes 10 years off? Sorry to be so nosy, is this a 30 year loan? Doesn't seem like a 15 year loan payment would be that much more, does getting 5 years additional off cost that much?
Apologies for my ignorance... and nosiness...
Gee, now I know why it makes me sick to see how little our principal balance shrinks each month.

 

[kinntj]

Mortgage is $1,700 a month. Purchased for $284,000 two years ago and put down 20%.
The market here is slow and sad, so we're not expecting to make much on it. It's now worth $295,000.

I think the only way to sell it in this area is to have some small decent updates to it. It's brand new, but it has things I would change to make it more appealing. LIke the floors, countertops (formica?...I hate it), etc.

We're working on landscaping, but since you don't get anything back much from landscaping (maybe sprinkler system), we're trying to do it in phases.

 

[cami89]

I can be a little dense when it comes to matters such as this..do you mean that you pay $1580 two times a month ($3160/month)? It only takes 10 years off? Sorry to be so nosy, is this a 30 year loan? Doesn't seem like a 15 year loan payment would be that much more, does getting 5 years additional off cost that much?
Apologies for my ignorance... and nosiness...
Gee, now I know why it makes me sick to see how little our principal balance shrinks each month.

mlwear, you can find an amortization calculator at BankRate.com. It's fun to play with the numbers and pretty amazing what adding a little to your monthly payment and/or adding extra payment(s) every year can do!

 

[Oreo Cookie]

We purchased our house in 2001. The price was $550K and we put 20% down, or $110K. Our mortgage payment is $2600, not including taxes because we don't escrow our taxes we decided to pay them directly to our town (taxes are $15K a year). Houses have really increased in our area, if we wanted we could sell for about $950K, but where could we move in NJ without paying outrages prices? So we have no plans to sell anytime soon.

 

[KelNottAt]

Our mortgage payment for the house in Maryland is 856.00 which we paid 77,000.00 in 1988. It just appraised for 450,000. The market in Maryland has definitely cooled a bit but it it still isn't bad.

Certain parts of the country the real estate has gone through the roof.

I didn't know you're in Maryland, too!

Anyway, we bought our current house in 1996 for $246,000. Put down $25,000 and mortgaged $221,000.

By the time we refi'd in 11/2005, our principle was down to $204,000. But our refi was for cash out to do a big addition.

We now owe $375,000. 5.75% for 20 years, so we'll pay off by the end of the original 30 year loan. Monthly PITI is $3066.44. (Hope to pay off sooner, but college is looming.)

Even with the new loan, we're very fortunate to still have over 50% equity.

 

[Mickeys.friend]

We bought for $69,000 in 1999. No downpayment. We took out $72,000 so we'd have closing costs. We refinanced 2X and now pay $750 a month, and that included insurance and School taxes. We usually pay our property taxes directly to our town with Income tax return money! We do not plan to move for another few years. We are doing some remodeling(minor) and we really love the property we have.....we were very lucky!

 

[MeggerasMa]

OMG. I think I'm a little older than most of you guys. I'm now in sticker shock LOL! Built our home in 1979 when we were getting married (and if you get through that you can get through anything) for about $42,000. Interest rates were sky high at that point and the best we could do was 10%. Our original payment was $245/month for 25 years. We did a free one time "buy down" and then re-mortgaged about 6 years ago. At that time we were able to install all new windows, roof, etc and it helped us with extending mortgage payments while all the kids were in college. At this point, our payment is $243/month, not including taxes and insurance, and we have about $7,000 remaining on the balance. I've no idea what our home is worth today. It's everything we wanted and needed to raise our family and we've got a way to go till retirement age so who knows!