How much was your house and your monthly payment?

this may be one of those too personal to answer questions and if so--that's fine just simply do not answer. We bought our house and were both working and had tons of money left over--then came zachary and now the new baby on the way and things are tight....Our house payment is the only thing stopping me from being able to stay home with our kids. Hopefully we can refinance in a few years and maybe that will help i do not know...

Our house was built in 2004 and was used a vacation/weekend home for some rich guy who owned houses all over the US apparently so it was practically brand new when we bought it in 2008. It is a 3 bedroom, two story house, with a two car garage and 2 1/2 acres of land in a small subdivision in the country. We paid 185,000 for it. The original asking price was 265,000 (way too much as it wouldnt have been worth that in our area) but the guy had it on the market for over 2 yrs and just wanted to get rid of it and we thought what the heck and offered 170 and the guy agreed for 185. Our montly payment is 1300/mo. Is that a good price or should i be looking around..i know kind of late now that we own it but as far as refinancing? It has been ours for 3 yrs now.

12 Answers

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  • 9 years ago
    Favorite Answer

    Let me just start off by saying GEZZ-US!

    I don't own a home but I do rent. Our apartment is upstairs and is a 2 bedroom 1 bath. We pay $400 a month but since we have a room-mate we only pay $200 a month. Yeah, I know, wow. As much as I love having only to pay $200 a month... it sucks having a room mate. But, my hubby and I have been looking around for either a new apartment or a new home. We have a daughter who is 13.5 months old and need more space (also just found out I am pregnant with #2). Anyways, I think what you are paying by month is fine... if you can afford it. Especially since you got such a great price for it. I mean wow, regular price was $265,000 and you got it for $185,000... that's so awesome! I say keep it. You can't find any new homes like that so cheap.

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  • DeeGee
    Lv 6
    9 years ago

    We paid what you did and our montly payment is $1500. You can refinance, but remember, if you roll the closing costs in it just adds to the final amount you end up paying on the house. We also have been in our house for 3 years.

    We looked into refinancing but found that it would only drop our paymehnt like $110/month and we didn't want to do it for less than $200/mo.

    We have a 3 bdrm, 1800 SF house with .35 acres on a greenbelt.

    Sometimes it's better to get other debts down like credit cards or car payments instead of refinancing.

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  • Froggy
    Lv 6
    9 years ago

    I'm not an expert with any of this home owners stuff, yet. We're in the process of buying a house. The asking price on the one we're trying to get is $135,900. We're on our third bid and are up to $135,000 plus closing costs, etc. I don't think we're going to get the house, the people we're bidding against offered full price last night. Our expected monthly payments were going to be $740.

    Again, I'm no expert but it sounds like what you've got going is decent. Now if you're desire to be a SAHM is worth more to you than the house then look around and try to find something you'll be able to work with. I don't know if you had thought about children and if you wanted to work or not when you bought the home, but that's definitely something any potential home buyer needs to consider. I'm going to be staying home with our children. Even if I were to go back to work we wouldn't go as high as we can because it's our first house. We're starting comfortable then as the children get older, we make more money and so on we'll get our dream house.

    Sorry that I don't know anything about refinancing.... Someday, maybe.

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  • 9 years ago

    We own a mobile home (that we bought brand new, a few years ago). We paid around $45,000 with $10,000 down. We paid $438 per month for 15 years. We obviously pay more than the minimum payment because we do not want to be paying on a mobile home for 15 years but.. in the event of money being tight one month, we could get away with only paying the minimum! We put it on 2 acres of land that was gifted to me by my Dad.

    I would look into refinancing.. if I were you. You don't HAVE to do it but you can get a rough idea of what your new payment amount would be and go from there.

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  • Anonymous
    9 years ago

    Sounds like a decent payment to me. That's with homeowner's insurance and taxes included, right? I believe our monthly payment is $1188. We have four kids and I stay home with them, so it's totally doable for one person to make that payment. If you don't work, you'll be saving the money that you spend on daycare for two kids. I don't know what it is by you, but daycare here for two kids costs about $1500-1600 per month. That's more than a house payment. That's why I stay home. It'd be ridiculous to hand away my paycheck to daycare for all the kids. If you can't afford the payment, I'd consider refinancing before selling. It's not a good idea to sell so quickly after purchasing. You wouldn't really make any money out of it.

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  • Anonymous
    9 years ago

    First of all, let me say we live in an area with a very low cost of living. My husband bought our house before I met him. It was a fixer upper. It had set empty for a few years. A previous own tried to commit suicide by setting his mattress on fire. There was only smoke and water damage to that one bedroom.

    It's a large house- large basement, 2 baths, 3 bedrooms and a 4th bedroom on the 4th floor that we use for storage. He paid only $60,000 for it. We pay $600/month mortgage.

    We've done a lot of work to it and remodeling. We still are not done. It's a 71 yr old house and it looks pretty good now. Where we live, you can buy a mansion on the golf course for $300,000. The average price for a home is $85,000.

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  • 9 years ago

    I don't think it would hurt to ask about refinancing - you never know. Although probably not the *best* way to do it, but you could also consider extending the note from a (for ex.) 15-year mortage to 25 years (or whatever). If the goal is to drop your house payment to where you can become a one-income family, I'd set up an appoitment with a financial advisor and see what they say.

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  • Suzie
    Lv 5
    9 years ago

    We bought our house for 115k (it was on the market at 145k) little over two years ago and our payments are about $700 a month since we refinanced.

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  • Anonymous
    9 years ago

    I WANNA KNOW WHERE U ALL LIVE!

    my apartment is rented right n ow

    but my moms townhouse sold for $410,000 and she made payments of 2300 a month

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  • 9 years ago

    That's a great payment. We financed 125000 and pay $486/biweekly

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