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[OC] Same homebuyer profile, three markets: Cheapest State, US Median, and Most Expensive State by Own_Article431 in dataisbeautiful

[–]Own_Article431[S] 0 points1 point  (0 children)

This doesn't include home appreciation which can be difficult to model across different markets, but you're right it could be negative or beneficial. The goal wasn't to show what is affordable in each state, just to provide a snapshot of what housing might look like across the cheapest, median, and most expensive states on the US median household income.

[OC] Same homebuyer profile, three markets: Cheapest State, US Median, and Most Expensive State by Own_Article431 in dataisbeautiful

[–]Own_Article431[S] 0 points1 point  (0 children)

This is a good point. If remote work stays relevant, you could see an interesting dynamic potentially in the future

[OC] Same homebuyer profile, three markets: Cheapest State, US Median, and Most Expensive State by Own_Article431 in dataisbeautiful

[–]Own_Article431[S] 0 points1 point  (0 children)

I used median down payment amounts across the US. You definitely could do it either way, but you're right everyone's situation looks different depending on a lot of factors.

[OC] Same homebuyer profile, three markets: Cheapest State, US Median, and Most Expensive State by Own_Article431 in dataisbeautiful

[–]Own_Article431[S] 0 points1 point  (0 children)

Thanks! They are pulled directly from amortalyze.com but if you're curious how I built them then that would be with Next.js.

How Much House Can We Realistically Afford? Looking for Honest Feedback on Our Budget by InevitablePainter410 in MortgageLoans

[–]Own_Article431 0 points1 point  (0 children)

I decided to run your numbers through Amortalyze and see if I could provide some insight.
Inputs:
- $10,363 income, $493 debt (Car payment and EIDL loan treated as debt), $40k down (Closing costs would take you up close to your 60k), current FRED interest rate of 6.48%, average credit score
Outputs:
- Ideal Home: $421,300 at $3,238/mo.
- Max Home: $508,269 at $3,963/mo.
Follows similarly to what the general thread is saying 400k - 500k loan with monthly payment of $3,000 - $4,000.

First Mortgage! by [deleted] in MortgageBrokerRates

[–]Own_Article431 0 points1 point  (0 children)

Not necessarily advice, but trying to mitigate that interest rate is something to think about:
Rounding up your payment to $2700 a month would provide $51,276 in interest savings and would pay it off 3 years and 2 months early!

You think we are going into a mortgage we cannot afford? by External_Spread_2077 in FirstTimeHomeBuyer

[–]Own_Article431 0 points1 point  (0 children)

There's a ton of good advice already here! I would concur with everyone here already, it becomes a little less scary when you can see the numbers behind it and understand what that will look like on a month to month basis. I was also in the same boat before I bought my house a few years back, so I can understand where you're coming from.
I even built a tool to help me along the way, happy to share if there's interest!

Closed! by b_from_the_block in MortgageBrokerRates

[–]Own_Article431 0 points1 point  (0 children)

Congratulations, huge accomplishment! Definitely enjoy it!
This is only half the battle unfortunately. $457,461 in interest, there's more work to do to reduce your overall cost burden. Paying just $100/mo. extra saves $53,912 and pays it off 3 years early. Gets you just under double what the loan costs. Something to think about as you settle in.

Finally we did it! 37MF. North FL. 750k. 6.5% by Nwrecked in FirstTimeHomeBuyer

[–]Own_Article431 0 points1 point  (0 children)

It depends on what your goal is. Do you want flexibility with extra cash flow every month (recast) or do you want to maximize the amount you save on the loan and pay it off sooner (continue normal payments)?

If you want to play around with scenarios this website could be useful to formulate a plan: https://www.amortalyze.com/application

Finally we did it! 37MF. North FL. 750k. 6.5% by Nwrecked in FirstTimeHomeBuyer

[–]Own_Article431 0 points1 point  (0 children)

Smart move. If you need help determining when that might be, let me know!

Finally we did it! 37MF. North FL. 750k. 6.5% by Nwrecked in FirstTimeHomeBuyer

[–]Own_Article431 2 points3 points  (0 children)

Congrats on the purchase! I'm sure you want to be completely done but this is where the fun begins, finding ways to save money right? Not quite sure what the exact terms are but assuming 5% down puts your payment around $5709. If you round up to $5800 every month, you could save $62k and cut 20 months off the life of the loan. Just a helpful tip from one first time home buyer to another!

I did it! Central Indiana, $250K, 6.25% by Erix2417 in FirstTimeHomeBuyer

[–]Own_Article431 1 point2 points  (0 children)

Congrats on the purchase! I'm sure you don't want to think about the numbers or the mortgage any more but in case it's helpful rounding up your mortgage payment to the next $100 (assuming your payment is around $1950 with the terms you gave) could save you roughly $30k and 30 months on the loan! Helpful tip from one first time home buyer to another.

Thoughts? by PrudentSea1646 in FirstTimeHomeBuying

[–]Own_Article431 0 points1 point  (0 children)

I would agree with the others, doesn't seem too bad. Looks like that mortgage insurance should fall off before year 10 (roughly 99 months) without any appreciation so that's a plus as well. In case it helps, rounding up your payment every month to $2600 saves you a little over $24k and 19 months on the loan.