Poll: Average mortgage?

Sorry if this has been done on this board before, I'm just curious.

What is your mortgage or what do you want/plan for your total mortgage to be? On a home - not a condo.

Re: Poll: Average mortgage?

It honestly depends upon if you are a first time homebuyer or not which I know most of you are.

We have a house to sell. Had DH not had to buy his ex wife out he would have had $350,000 profit from it as the value has tripled since 1999 when he bought it. He didn't have that but we are able to put a few hundred thousand dollar down from our equity and savings into our new house. We bought our new house for $500K (way under the appraisalbut it needs a lot of work) and will be putting down over half of that as cash at closing. We have a 30 year mortgage for the rest but will pay the extra each month to get it down to 15 years... works out to be about $3,100 a month. Of course this is only possible because we had a house to sell and we are a bit older at 35 and 37. On the other hand we want and need to have a family right away so we don't have those years some couples have to save money again before the kids come.

We have a small house in E. Northport but most young couples can't touch it. We just had a buyer fall through because they couldn't get financing and we are on the cheaper end of the spectrum for the area. A few couples came with their parents as their parents are giving them a sizable downpayment.

If we weren't in the situation we were in we would be able to buy this small house but would be stuck in it forever and probably wouldn't be able to expand... and we both are considered to make good money... I don't know how people are doing it.

Re: Poll: Average mortgage?

We borrowed $300k, but we left LI for Putnam, so we were able to get away with spending just a little less.

Re: Poll: Average mortgage?

our condo mortgage is 85K
but we are planning on having about 250-270K mortgage when we buy

Re: Poll: Average mortgage?

See that's why I'm wondering. I figure that the first time home buyers right now must have much higher mortgages than was the norm a few years ago.

DH bought our home 3 years ago and our mortgage is still pretty high. So I wondered if people were even higher now.

Re: Poll: Average mortgage?

Re: Poll: Average mortgage?

Our mortgage is under 200k but it took us 2 years to get it there, we put an extra 500 each month to our mortgage and are continuing to do that so that when we sell the house its a nice penny in our pocket. Our house appraised for 560k. Thats why Im debating now selling this house and moving out east to have another mortgage or sell and move to another state and be able to be mortgage free and have a lot in the bank too- this is what my DH is thinking. I cant blame him, LI is a money pit.

Re: Poll: Average mortgage?

We have 10 years left on a 15-year mortgage and its less than $200K now. We bought 5 years ago though.