Mortgage question-why so high?

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As far as being able to afford a home is concerned you can figure $6.25 per $1000 borrowed.

So if you can afford a $1000 payment that means you can afford a $160,000 house (1000/.00625)

Keep in mind that doesn't include taxes or interest. So a $200,000 house may have $3000-$4000/yr in taxes, so you need to add another $250-$350 per month on to your payment to escrow your taxes and insurance.

So a $200,000 house may actually have a payment of $1600

200 X $6.25 per 1k borrowed + $350 = $1600

Hate to spoil it for you but it actually costs more than your are figuring, and I haven't even mentioned utilities or heat.

If you need some free advice, I would be more than happy to help you.

Mortgage question-why so high?

You are not using interest amortization calculation. $1,000 is about right. I listed one here you can try out. Or you can find others on the web to use. There is a huge difference between simple interest and interest that is amortized daily.

Mortgage question-why so high?

Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month<!--therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay.

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Mortgage question-why so high?

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