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House Financing

September 6th, 2024 at 11:05 pm

The base price for my home was $321,990. With upgrades the final price was $335,874. I put down 40% and the buyer paid the points to buy down my interest rate to 5.99%. My monthly mortgage payment will be $1,207. With escrow for homeowners' insurance ($109) and property taxes ($261) the total monthly payment will be $1,577. I will just pay $1600 monthly as I prefer even payments. I will pay additional to principle as I am able. My monthly rent payment was $1,732. It would have gone to $1,816, including the $52 monthly water charge.

Posted in Home sweet home | 1 Comments »

1 Responses to “House Financing”

  1. Dido Says:
    September 7th, 2024 at 08:08 pm 1725736122
    1725736122

    Always nice to pay less--and the prices will look better as time goes on. When I bought my house around 20 years ago, my total payment including insurance and taxes escrowed was around $700, which was about what I was paying for rent. My rate at the time was 5.875%. I eventually refinanced, and though taxes and insurance have increased, my total monthly payment is $775 as I've cut about $50/month off the component that goes for interest and principal by doing a refinance. Local rents are around $1800 for a 1-bedroom and $2200 for a 2-bedroom apartment, so my $775 looks pretty sweet now.

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