GOING to have a house/morgage/insurance- need help

[o not alone o 1234506]

hi.... i was just on here to get advice and maybe some prices on things... the job that i have doesnt involve insurence... so i will have to pay for that myself... my mother wants to...but i my boyfriend and i are looking at houses and i just really want to do everything myself... is it possible...

 

ok let me think here.... can anyone give me totals...it doesnt have to be exact...but... for those of you who know...

 

how much about...is a morgage payment... or car insurence and health insurence a month....

 

here is what i figured:

 

car insurence - 200 a month

health insurence - 300 a month

Morgage - 200 a month

 

this is just on my side... my boyfriend with do probably most of the morgage

 

 

i dont know what to do i dont want to give to low of prices...can anyone help me out???

 

 

u dont have to be exact

[annie24]

yikes, I don't know where to begin! there is a lot of things to figure out. how much house you can afford depends on how much money you make, how many bills you have, and how much of a downpayment you have. 20% is a really good number. I certainly wouldn't buy a house if you have less than 10%. 20% is better because you don't have to escrow your taxes in the US. oh yeah, and don't forget property taxes, property upkeep, fixing the roof, gardening, etc.... a LOT of costs are involved in home ownership.

 

your mortgage is dependent on a lot of things, no one can tell you here. it depends on how expensive your house is, how much of a downpayment you make, if you get a 15 or 30 year loan or an ARM, and if you pay points. these are all variable but there are websites where you can input your information that they can give you a rough estimate.

 

next, I would NOT recommend buying a house with your boyfriend unless you two are planning on marrying. buy together only if you are committed to each other. if you are doing this to save money and your relationship doesn't work out, one of you will be stuck with a house you can't afford.

 

read some books by Suze Orman before making any big financial decisions.

[MacGyverRI]

Morgage - 200 a month???

 

the house is under 30k?

 

roughly it's just under $100 per 10,000 of mortgage w/ everything included

 

you are better off having the taxes and insurance rolled into the mort. payment.

[annie24]

I know someone who has a very low mortgage (about $300 a month), but that is because he put a 60% downpayment on his house. and the housing market at the time in that area was low priced.

[annie24]

roughly it's just under $100 per 10,000 of mortgage w/ everything included

 

yeah, that is a pretty good, rough calculation. when you say "everything included", do you mean everything related to home ownership also? (ie gardening supplies, home repair, heating, gas, electric, cable, telephone, paint, mainentence, etc....)

 

home ownership is expensive!!!!

[renaissancewoman101]

In regards to health insurance, do you have any types of pre-exisiting conditions like asthma, blood pressure, diabetes, etc.? If you do and you have been treated for those things in the past few years, you WONT qualify for personal health insurance plans, or else you are going to be paying through the roof for health insurance and you wont get the pre-existing conditions covered.

 

Trust me, I know that. When I first moved out here, I was looking into getting my own health insurance but I have chronic asthma. All the companies I looked at wont even cover me, let alone my asthma problems.

 

Be careful about going without health insurance, one big illness or hospitalization can WIPE you out financially.

[annie24]

health insurance. yeah. In addition, depending on where you live, you need to get homeowner's insurance and flood insurance. I know when I got my mortgage, that was one of the requirements, I had to show proof of homeowner's insurance before the lender gave me the money.

 

regular homeowner's insurance doesn't cover flooding, so if you are in an area which occasionally floods, you should get that also. that is how so many people in the south got screwed when hurricane katrina came. water ruined their house, and the insurance companies declared it "flood damage" instead of "hurricane damage."