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justmefornow
LIF Adolescent
Member since 9/08 859 total posts
Name:
n
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What is your monthly mortgage payment?
We would like to put 20% down and want to pay no more than $2500 a month (incl taxes and insurance). Is that impossible or unreasonable? Right now we are looking at houses in the low 400s, but then there's high taxes in some areas and those houses priced at that are crappy. I'm factoring interest at about 5.5%.
We are own a co-op in Queens and we feel like our only option before we can truly afford a "decent" house (I'm not talking big or fancy at all) is to rent until we earn more money or something changes. At the same time, I'm not sure I'm comfortable with mortage payments that are much more than $2500 a month. But we don't want to back out of this sale bec. our co-op was hard to sell in the 1st place.
How do people do it and why does it seem so impossible for us (middle class people with $100,000 to put down)?!
Edited to say that we did speak with our mortgage broker for pre-approval and she gave us similar #s. So, this is more of a vent and a "what should/can we do, where are we gonna look/live post"!!
Message edited 6/19/2009 6:54:31 AM.
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Posted 6/19/09 6:51 AM  |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: What is your monthly mortgage payment?
i can say that a mortgage can be $2500. for low $300,000.00 mortgage, depending on how high the taxes are.
ours are under 7,000.00 with STAR and the mrtgage is 338,000.00 and we are at the $2500.00 mark...
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| Posted 6/19/09 7:18 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: What is your monthly mortgage payment?
That's going to be tough but did you factor in that you're not going to be paying NYC income tax? We're moving from Queens to LI and that freed up an extra $400 a month for us! If you haven't factored that, you can potentially increase your monthly spending to $2800-2900, which maybe will give you what you need.
Good luck!
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| Posted 6/19/09 7:43 AM |
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Spring Baby06
My two loves
Member since 5/05 3612 total posts
Name:
Jillian
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Re: What is your monthly mortgage payment?
Posted by Leeners
That's going to be tough but did you factor in that you're not going to be paying NYC income tax? We're moving from Queens to LI and that freed up an extra $400 a month for us! If you haven't factored that, you can potentially increase your monthly spending to $2800-2900, which maybe will give you what you need.
Good luck!
This is what I always thought as well. But I just recently found out if you work in NYC you still get docked the NYC income tax, which sucks. Basically you pay the city so you can work there So the above will only hold true if you work on LI.
Message edited 6/19/2009 7:56:26 AM.
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| Posted 6/19/09 7:55 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What is your monthly mortgage payment?
Posted by Spring Baby06
Posted by Leeners
That's going to be tough but did you factor in that you're not going to be paying NYC income tax? We're moving from Queens to LI and that freed up an extra $400 a month for us! If you haven't factored that, you can potentially increase your monthly spending to $2800-2900, which maybe will give you what you need.
Good luck!
This is what I always thought as well. But I just recently found out if you work in NYC you still get docked the NYC income tax, which sucks. Basically you pay the city so you can work there So the above will only hold true if you work on LI.
Not true - DH works in NYC and we live in suffolk and he doesnt pay NYC income tax.
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| Posted 6/19/09 8:12 AM |
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justmefornow
LIF Adolescent
Member since 9/08 859 total posts
Name:
n
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Re: What is your monthly mortgage payment?
Posted by rkoenke
i can say that a mortgage can be $2500. for low $300,000.00 mortgage, depending on how high the taxes are.
ours are under 7,000.00 with STAR and the mrtgage is 338,000.00 and we are at the $2500.00 mark...
What town do you live in?
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| Posted 6/19/09 8:19 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: What is your monthly mortgage payment?
lindenhurst - can't believe my taxes, huh?
Message edited 6/19/2009 8:21:40 AM.
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| Posted 6/19/09 8:21 AM |
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justmefornow
LIF Adolescent
Member since 9/08 859 total posts
Name:
n
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Re: What is your monthly mortgage payment?
Posted by Leeners
That's going to be tough but did you factor in that you're not going to be paying NYC income tax? We're moving from Queens to LI and that freed up an extra $400 a month for us! If you haven't factored that, you can potentially increase your monthly spending to $2800-2900, which maybe will give you what you need.
Good luck!
We haven't done the numbers but realize about the taxes. We both work in NYC. The only thing is that I've heard is that RE taxes on LI go up at a higher rate than NYC income tax so you're still paying more. Also, I also have to consider the LIRR cost vs. just subway/bus.
So a lot of people pay closer to $3K per month?
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| Posted 6/19/09 8:24 AM |
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shapla79
Where Does The Time Go?
Member since 11/07 4619 total posts
Name:
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Re: What is your monthly mortgage payment?
Posted by Meaghan729
Not true - DH works in NYC and we live in suffolk and he doesnt pay NYC income tax.
ITA. I work in NYC and when I moved from NYC to LI, HR removed NYC taxes out of my paychecks.
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| Posted 6/19/09 8:32 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: What is your monthly mortgage payment?
The further you live away from the city the more reasonable it will get as far as house prices and taxes.
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| Posted 6/19/09 8:56 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: What is your monthly mortgage payment?
3100 including taxes and insurance
Our house was upper $400's, with 13 or 14% down. Our taxes are $9200 per year. Our mortgage payment alone is $2300...not sure it could be done for low fours
Message edited 6/19/2009 9:02:50 AM.
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| Posted 6/19/09 9:01 AM |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: What is your monthly mortgage payment?
$2700 including tax and insurance
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| Posted 6/19/09 9:07 AM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: What is your monthly mortgage payment?
nearly $2700 including tax and insurance
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| Posted 6/19/09 9:31 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: What is your monthly mortgage payment?
wow we are looking at 1700-1800 with taxes and insurance but then again we do not make much LoL
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| Posted 6/19/09 9:33 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: What is your monthly mortgage payment?
just under 2800 for mtg, taxes (town & vlg) & ins.
We bought in the high 3's
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| Posted 6/19/09 11:01 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: What is your monthly mortgage payment?
Posted by Spring Baby06
Posted by Leeners
That's going to be tough but did you factor in that you're not going to be paying NYC income tax? We're moving from Queens to LI and that freed up an extra $400 a month for us! If you haven't factored that, you can potentially increase your monthly spending to $2800-2900, which maybe will give you what you need.
Good luck!
This is what I always thought as well. But I just recently found out if you work in NYC you still get docked the NYC income tax, which sucks. Basically you pay the city so you can work there So the above will only hold true if you work on LI.
If your company is still taking NYC taxes out of your paycheck and you live in LI you need to contact HR immediately. The practice was ruled unconstitutional in the early-Guiliani era. Bloomberg has repeatedly tried to reinstate but it's shot down every time.
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| Posted 6/19/09 11:04 AM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: What is your monthly mortgage payment?
Posted by Leeners
Posted by Spring Baby06
Posted by Leeners
That's going to be tough but did you factor in that you're not going to be paying NYC income tax? We're moving from Queens to LI and that freed up an extra $400 a month for us! If you haven't factored that, you can potentially increase your monthly spending to $2800-2900, which maybe will give you what you need.
Good luck!
This is what I always thought as well. But I just recently found out if you work in NYC you still get docked the NYC income tax, which sucks. Basically you pay the city so you can work there So the above will only hold true if you work on LI.
If your company is still taking NYC taxes out of your paycheck and you live in LI you need to contact HR immediately. The practice was ruled unconstitutional in the early-Guiliani era. Bloomberg has repeatedly tried to reinstate but it's shot down every time.
Agreed, DH works in the city and does not pay nyc taxes. You will probably do well buying a house for $400,000 if you put 20% down your mortgage depending on where you live will be between $2500 and $2800.
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| Posted 6/19/09 2:00 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: What is your monthly mortgage payment?
I work in NYC and haven't paid that tax in a long time.
Our payment is around $2250 with taxes only. We pay insurance on our own. Our interest rate is 4.875%.
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| Posted 6/19/09 2:04 PM |
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Spring Baby06
My two loves
Member since 5/05 3612 total posts
Name:
Jillian
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Re: What is your monthly mortgage payment?
Posted by Leeners
Posted by Spring Baby06
Posted by Leeners
That's going to be tough but did you factor in that you're not going to be paying NYC income tax? We're moving from Queens to LI and that freed up an extra $400 a month for us! If you haven't factored that, you can potentially increase your monthly spending to $2800-2900, which maybe will give you what you need.
Good luck!
This is what I always thought as well. But I just recently found out if you work in NYC you still get docked the NYC income tax, which sucks. Basically you pay the city so you can work there So the above will only hold true if you work on LI.
If your company is still taking NYC taxes out of your paycheck and you live in LI you need to contact HR immediately. The practice was ruled unconstitutional in the early-Guiliani era. Bloomberg has repeatedly tried to reinstate but it's shot down every time.
Sorry, I meant if you work for the City! If you work for a city agency and live on LI, they still dock you. Sorry!
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| Posted 6/19/09 2:09 PM |
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justmefornow
LIF Adolescent
Member since 9/08 859 total posts
Name:
n
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Re: What is your monthly mortgage payment?
Posted by VickiC
I work in NYC and haven't paid that tax in a long time.
Our payment is around $2250 with taxes only. We pay insurance on our own. Our interest rate is 4.875%.
Where do you live?
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| Posted 6/19/09 5:10 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: What is your monthly mortgage payment?
*my house is in Orange County*
we pay just over $2k a month, including taxes and insurance.
if you don't have to go east, your dollar may go further north and west. 
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| Posted 6/19/09 5:12 PM |
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ImHisMrs
LIF Infant
Member since 11/08 252 total posts
Name:
Mrs. C
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Re: What is your monthly mortgage payment?
Our new mortgage is going to be just under $2600/mo with taxes and insurance - once the Mark Lewis grievance is done - if promised the deductions they speak of - just under $2400/mo 
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| Posted 6/19/09 5:48 PM |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: What is your monthly mortgage payment?
$2846 per month with taxes and insurance
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| Posted 6/19/09 9:09 PM |
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hbugal
Lesigh
Member since 2/07 15928 total posts
Name:
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Re: What is your monthly mortgage payment?
Roughly $2800 with taxes and insurance no PMI. House was upper 300K I put down 20%...
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| Posted 6/19/09 9:15 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: What is your monthly mortgage payment?
Just re-fied, originally put down 20% on a 428K house; my taxes are about 8K and with taxes, insurance and mortgage we are paying $2500 a month now.
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| Posted 6/19/09 9:50 PM |
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