I should expect the monthly cost of a house to be about 1% of its full purchase price (this includes mortgage payments, property tax, insurance, maintainence), does this fit with what you have experienced?It depends greatly on where you live, how much you borrow/put down, what the interest rates are when you buy and what type of mortgage you get. In Texas, where I live now, the property taxes and insurance are much higher than other places I have lived, but my total costs including minimum mortgage payment, maintenance, taxes and insurance are on the order of .75% or so a month with an 80% mortgage at 6.25%. If you add in utilities, it would definitely go above 1%. Other places, with lower interest rates, lower property taxes and lower insurance, even adding in utilities, it has been around 1%.If you were to get a 15 year mortgage, the costs would go up.AJ
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. M