How much are your mtg payments?

**jIM_Ohio** · 07-21-2010, 07:37 AM

Originally posted by TheStreetCeo View Post

As I mentioned yesterday, I just finished reading The Money Makeover. While I read, I couldn't help but notice his continued references to mortgage payments around $650 give or take a hundred or so. I noticed it once and thought that was an example and kept reading, but time and time again, he referenced these tiny mortgage payments in people's budgets. In the twin cities the average house costs $200-$250k and unless you have a ton on money down there is no way anyone is going to get close to that payment with taxes and insurance.

With that said I was wondering if anyone would like to give a range of their current mortgage payemtns and the state they live in? I'm just curious to see if my payment is crazy high compared to the rest of the U.S.

Minnesota including taxes and insurance $1550.00 per month

Ohio PITI is $2600/mo

The main difference with money makeover will probably be encouraging people to buy smaller houses, and to keep payment within 25% of gross income (as a guess).

We have a big house (3400 sq ft) and our payment was about 35% of gross when we bought it, and about 25% of gross pay now.

**TheStreetCeo** · 07-21-2010, 07:48 AM

When I bought my house I was at 48% of my income. Yuck! I'm much better now at around 32%.

**EconoMutt** · 07-21-2010, 07:55 AM

$1,550 sounds pretty reasonable to me.

My mortgage had been $1,900. That includeds property tax. In Wisconsin a $300,000 house will cost you approximately $6,000 a year in tax.

**TheStreetCeo** · 07-21-2010, 08:03 AM

Originally posted by EconoMutt View Post

$1,550 sounds pretty reasonable to me.

My mortgage had been $1,900. That includeds property tax. In Wisconsin a $300,000 house will cost you approximately $6,000 a year in tax.

6k, Ouch! My house is valued just under that and my taxes are $3200.00. Insurance is $1800 too which I think is crazy

**Fizgig** · 07-21-2010, 08:53 AM

I live in a suburb of Houston, which is a very low COL area. My mortgage is $760, but with the crazy cost of insurance, PITI is ~$1000. It's a 30 year mortgage and is 22% of my take home.

**disneysteve** · 07-21-2010, 09:00 AM

Originally posted by jIM_Ohio View Post

The main difference with money makeover will probably be encouraging people to buy smaller houses, and to keep payment within 25% of gross income (as a guess).

I agree. That is what he teaches, so his followers wouldn't have outrageous mortgages. Also, if you listen to his show, you'll find that many of his callers are from rural, lower cost of living areas and tend to be earning lower incomes.

Our mortgage is just under $700. With taxes and insurance, it is about $1,300. We are in NJ but we've been in our house over 16 years.

**NJDebbie** · 07-21-2010, 09:13 AM

$1,484.00 + $782.00 (property taxes and Homeowners insurance)=$2266 New Jersey, 26% of our income.

2,000 sq house, we've owned for 6 years.

**wincrasher** · 07-21-2010, 09:45 AM

Mine in South Carolina is $1550 incl taxes and insurance. 3700 sq ft. that is 1 year old. That's about 6%.

**Snodog** · 07-21-2010, 10:54 AM

$360 here in Pennsylvania.

With property taxes & insurance its $550.

The day is fast approaching when my taxes will be more than my mortgage payments.

**MonkeyMama** · 07-21-2010, 11:22 AM

I was going to ask when the book was written. Sounds reasonable for mortgages of other people I know Dave's age. (Homes bought in the 80s?). & who would follow with his advice. Was he including taxes and insurance?

I live in California. Mortgage is $1100. PITI is $1600. We bought 11 years ago. Our house cost $300k, but we put 25% down and refied down to below 5%, recently.

I have a few friends just a couple of years older than us, who bought decent homes in the $100k range in the LATE 90s. (I am 33!) So I often see people with mortgages in the $500-$700 range (I do taxes). They will tend to be in their 40s. The ones in their 50s have much smaller payments. Or people like my many relatives who live in the boonies - then it's $200/month. I could only dream of that!

**woodie96** · 07-22-2010, 06:23 AM

Just refinanced our house down to 20 year mortgage last year....with PITI....just over 1000 a month....Eastern Virginia
I think I'm probably one of the luckiest guys around. Got a great deal from a family friend and got the house at about 50% market value in 1998. After the refinance last year, I still have about 250K in equity in the house now.
I have lots of friends here with mortgages knocking on the door to 2K a month, but the housing market here is still high. We have a lot of military infused here, and they come and go alot, keeping the market up.

**rizzmo** · 07-22-2010, 07:04 PM

PITI for us comes to around $1000 a month. We live in northern IL.

**ferriwinkle** · 07-22-2010, 07:58 PM

In Montana we are paying $1318 PITI, our taxes are about $1900 and homeowners insurance is about $1000.

**feh** · 07-23-2010, 09:19 AM

Originally posted by TheStreetCeo View Post

6k, Ouch! My house is valued just under that and my taxes are $3200.00. Insurance is $1800 too which I think is crazy

Property taxes vary greatly. While prop taxes are generally pretty high in WI, the original example shouldn't be assumed across the state.

To answer your original question - we don't have a mortgage. When we did, I think our monthly payment was around $1300, not including taxes.

How much are your mtg payments?