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Average mortgage payment?
Including taxes, insurance, your principal and PMI if you have, how much is your average mortgage payment? I know Long Island is super expensive. A few of my coworkers and I were talking today and she said her mortgage is $4100 a month, I nearly fell off my chair! I guess i didn't realize the cost of houses in some areas
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Posted 7/12/20 7:31 PM  |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Average mortgage payment?
$2105 per month, which includes the $7k property taxes per year
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| Posted 7/12/20 7:51 PM |
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Re: Average mortgage payment?
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
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| Posted 7/12/20 7:55 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Average mortgage payment?
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
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| Posted 7/12/20 8:06 PM |
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Re: Average mortgage payment?
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
Message edited 7/12/2020 8:19:54 PM.
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| Posted 7/12/20 8:19 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Average mortgage payment?
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
We paid off a 30 yr mortgage in a little over 15 years just by putting extra towards principal each month.
If you have money to spare you can pay extra towards principal each month and you pay it down so much faster that way
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| Posted 7/12/20 8:21 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: Average mortgage payment?
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
It's worth looking into, especially with rates low at the moment and a 15 year being even better than a 30. We were able to shave off a few years going to a 15 year mortgage and still keep about the same monthly payments bc of the lower rate.
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| Posted 7/12/20 8:26 PM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: Average mortgage payment?
Posted by NervousNell
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
We paid off a 30 yr mortgage in a little over 15 years just by putting extra towards principal each month.
If you have money to spare you can pay extra towards principal each month and you pay it down so much faster that way
I've read that you can cut a 30 yr mortgage in half by making 1 extra payment a year (putting it all towards principle). IDK if those numbers are right lol but it's what I've always heard from the elders in our family.
Side note, if you choose to do that, you have to mark the payment as "principle only". A friend of mine said he found that out the hard way and was pissed that his extra payments weren't going to the principle. Apparently he thought you just send the money in normally.
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| Posted 7/12/20 8:26 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Average mortgage payment?
Posted by SecretlyTTC14
Posted by NervousNell
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
We paid off a 30 yr mortgage in a little over 15 years just by putting extra towards principal each month.
If you have money to spare you can pay extra towards principal each month and you pay it down so much faster that way
I've read that you can cut a 30 yr mortgage in half by making 1 extra payment a year (putting it all towards principle). IDK if those numbers are right lol but it's what I've always heard from the elders in our family.
Side note, if you choose to do that, you have to mark the payment as "principle only". A friend of mine said he found that out the hard way and was pissed that his extra payments weren't going to the principle. Apparently he thought you just send the money in normally.
Yes, you have to specify that the extra money is to go towards principal.
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| Posted 7/12/20 8:34 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Average mortgage payment?
Posted by SecretlyTTC14
Posted by NervousNell
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
We paid off a 30 yr mortgage in a little over 15 years just by putting extra towards principal each month.
If you have money to spare you can pay extra towards principal each month and you pay it down so much faster that way
I've read that you can cut a 30 yr mortgage in half by making 1 extra payment a year (putting it all towards principle). IDK if those numbers are right lol but it's what I've always heard from the elders in our family.
Side note, if you choose to do that, you have to mark the payment as "principle only". A friend of mine said he found that out the hard way and was pissed that his extra payments weren't going to the principle. Apparently he thought you just send the money in normally.
It's about 6 or 7 years shaved off. Not half.
The nice thing about the 15yr loan vs. paying extra towards principal is the lower rate you qualify for which also lowers the amount of monthly interest you pay.
When I look at a mortgage payment I only really care about the amount of interest I am paying as part of that payment (assuming no escrow). Anything that goes towards principal to me is like placing money into a savings account, goes into equity and increases net worth.
That's why I love the 15 year option, even with the higher payment it almost forces me to "save".
Both my properties are on 15 year loans now. It's not for everybody though.
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| Posted 7/12/20 8:38 PM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Average mortgage payment?
An ungodly amount. More than your friend's.
30 year fixed, excellent rate (we just moved), no PMI. My taxes are disgusting.
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| Posted 7/12/20 8:46 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7619 total posts
Name:
Momma <3
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Re: Average mortgage payment?
Posted by ave1024
Posted by SecretlyTTC14
Posted by NervousNell
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
We paid off a 30 yr mortgage in a little over 15 years just by putting extra towards principal each month.
If you have money to spare you can pay extra towards principal each month and you pay it down so much faster that way
I've read that you can cut a 30 yr mortgage in half by making 1 extra payment a year (putting it all towards principle). IDK if those numbers are right lol but it's what I've always heard from the elders in our family.
Side note, if you choose to do that, you have to mark the payment as "principle only". A friend of mine said he found that out the hard way and was pissed that his extra payments weren't going to the principle. Apparently he thought you just send the money in normally.
It's about 6 or 7 years shaved off. Not half.
The nice thing about the 15yr loan vs. paying extra towards principal is the lower rate you qualify for which also lowers the amount of monthly interest you pay.
When I look at a mortgage payment I only really care about the amount of interest I am paying as part of that payment (assuming no escrow). Anything that goes towards principal to me is like placing money into a savings account, goes into equity and increases net worth.
That's why I love the 15 year option, even with the higher payment it almost forces me to "save".
Both my properties are on 15 year loans now. It's not for everybody though.
This is exactly what we are doing. We refinanced in 2015 and we will have it paid off in the next 4-5 years.
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| Posted 7/12/20 8:55 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Average mortgage payment?
2200 - includes taxes and a PMI. The PMI should drop in the next year or so.
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| Posted 7/12/20 9:19 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Average mortgage payment?
I guess to answer the question. Both numbers include taxes (Although I don’t escrow).
3200 on NY house (86% paid off)
3800 on FL house (31% paid off)
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| Posted 7/12/20 9:35 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Average mortgage payment?
It is not just the cost is is how much you put down. So those people with high mortgage may have a ten or fifteen year mortgage or a 7/1 arm and will be done in much less time than 30 years. You really cannot make an apples to apples comparison without the full picture. Someone could owe 2500 a month for 10 years v 30 years and that would be an enormous difference.
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| Posted 7/12/20 10:34 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Average mortgage payment?
The payment isn’t necessarily reflective of the cost of the house. I put 30% down when I bought my house, but if I had only put down 5%, my payment would be a lot higher. The house I bought has a built in pool and an added extension, so my taxes and insurance are higher than a similar house without those things. And if I had a 15 yr vs 30 yr mortgage the payment would be higher. Not to mention, I know of people who have RENT payments on Long Island (not NYC), for apartments, not houses, that are over $4000 a month
Message edited 7/13/2020 7:27:18 AM.
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| Posted 7/13/20 7:26 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Average mortgage payment?
I agree that payment doesn't necessarily correlate with the cost of the house. We have a house in Queens (so typically more expensive than many parts of LI, but our taxes are a bit lower- although still almost $10K). However, we put 50% down, taxes & insurance included, and obviously no PMI, 30year- we pay around $3200.
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| Posted 7/13/20 9:33 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: Average mortgage payment?
Posted by ave1024
Posted by SecretlyTTC14
Posted by NervousNell
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
It's about 6 or 7 years shaved off. Not half.
That's good to know! I always thought that sounded a little too good to be true.
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| Posted 7/13/20 9:55 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: Average mortgage payment?
Posted by Deeluvsvinny
I agree that payment doesn't necessarily correlate with the cost of the house. We have a house in Queens (so typically more expensive than many parts of LI, but our taxes are a bit lower- although still almost $10K). However, we put 50% down, taxes & insurance included, and obviously no PMI, 30year- we pay around $3200.
That's very true.
Personally, I find it awkward to discuss personal finances, but it's pretty common for friends to ask us how much we pay to live in our neighborhood. The number is lower than they expect, but it's because we had a large down payment and we have a great rate now. There are a lot of factors, so the payment isn't really indicative of the house cost.
Message edited 7/13/2020 10:10:06 AM.
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| Posted 7/13/20 10:09 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Average mortgage payment?
oh oops, i didn't read that you said including tax and insurance. I pay 2200/month for everything (no PMI, about 45% LTV ratio). We are doing a refi now (2.75%!!!) and shaving off 5 years of our loan, payment will be $5 less lol
We did a cash out refi last year after being in the house about 4 years. We went back to a 30 year at the time. We are young (just turned 30) so we decided we might as well do it now and take the cash out to do our kitchen, CAC, and windows. We are going back down a 25 year with the refi and keeping the payment about the same. So it's like we never really lost that time.
Like others stated, we plan to make 1 extra payment per year to cut down on the time, and hope to have it paid off in 15-20 years
Message edited 7/13/2020 1:11:50 PM.
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| Posted 7/13/20 1:05 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Average mortgage payment?
Posted by TwinMommyToBoys
Posted by ave1024
Posted by BaysideForever
I hate all of my out of area friends who say they pay less than $2000 a month for 2-4x the amount of house we have....
Average mortgage payment doesn’t really tell the entire story. Escrow? No escrow? 30yr? 15yr? Down payment? PMI.
I try to only take 15 year mortgages out, so my monthly “payment” is more than most. But I pay more into principal and less in interest than somebody with a lesser 30yr mortgage payment has.
Better question would be what’s your mortgage balance (payoff) and how many years left do you have to pay it off? (Speaks of how much mortgage interest you have to pay still).
I wish at the time i did my mortgage i knew about a 15 year loan. i thought it was 30 and thats it. My payment is less than 2K a month. i dont want to refinance to adjust the term but i wish i did this to begin with!
with rates as low as they are, why wouldn't you want to refinance and adjust the term? You can probably go down to a 15 year and with the rate difference, might not pay much more..
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| Posted 7/13/20 1:06 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Average mortgage payment?
$2174 which includes our home insurance. I pay our home insurance on our own every quarter. It's not rolled into our mortgage.
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| Posted 7/13/20 5:27 PM |
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MrsWoods
LIF Adult
Member since 4/12 1461 total posts
Name:
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Average mortgage payment?
About 1700 in a really good neighborhood in Nassau. And its because we took ownership of my husbands parents home that had a reverse mortgage. It was the only way we could afford a home in NY. My friends in NC pay 800 and they have a much bigger house than us. Personally, i would leave NY in a heartbeat but we cant. The houses they make down there are better construction than houses in NY.
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| Posted 7/14/20 10:19 AM |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: Average mortgage payment?
Posted by VickiC
$2174 which includes our home insurance. I pay our home insurance on our own every quarter. It's not rolled into our mortgage.
You're lucky. Most mortgages don't let you separate.
Wish they did.
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| Posted 7/14/20 10:33 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: Average mortgage payment?
Posted by tray831
Posted by VickiC
$2174 which includes our home insurance. I pay our home insurance on our own every quarter. It's not rolled into our mortgage.
You're lucky. Most mortgages don't let you separate.
Wish they did.
When we refinanced a few years ago with the same bank, they said they'd no longer escrow our insurance. Wasn't even an option.
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| Posted 7/14/20 11:08 AM |
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