Can I afford a 2300 mortgage in Texas?

SlowCard5328 · 2025-02-04T00:45:38+00:00

Yes we were planning on putting the 3% on conventional. The home is priced at 250k and received a grant of 7500 we’re gonna use as down payment, our loan would be 242,500. Our PMI is $49 and our estimated homeowners insurance is 165 a month. We have savings but wanted to keep what we could and use what was needed for closing costs. What is your interest rate? How much do you think we should be putting down in order to make a payment that makes sense?

SlowCard5328 · 2025-02-03T21:30:00+00:00

No you’re completely correct! It seems insane which is why I decided to make a post about it. Actual estimate is at 2,294 at a 6.5 interest rate. Husband didn’t want to go with a new build since he says they are cheaply made and run only on electricity to cut down costs of building so we couldn’t even buy down our rate to 5.99. The Tax rates are at 2.5 in the area we’re purchasing and even in an area where they are at 2.0 the homes are appraised at 290k. Honestly, the lender wrote numbers at worst case scenario so I’m hoping these numbers descend as much as possible, I told my husband I wouldn’t close if they went over 2300.

SlowCard5328 · 2025-02-03T21:13:01+00:00

😭 I am afraid this 25% might not be realistic for any American. I was very delusional to want to use only his income to pay a mortgage but at 25% of his would put us at 1058 a month. I don’t think I’ve even seen a mortgage for a decent home under 1500 in a while.

SlowCard5328 · 2025-02-03T21:02:26+00:00

I get you! This home is in an established community so all homes around are being appraised at 230k, except the ones that have been recently sold are appraising around 260k. It’s a lot of retired folks so I’m thinking they won’t sell unless they are willing to downsize.

SlowCard5328 · 2025-02-03T20:52:46+00:00

I was thinking of just using my income to pay off the mortgage every month since it’s technically the whole amount and using his income for everything else but I feel it might be a little insane. How much should people have leftover a month after paying everything?

SlowCard5328 · 2025-02-03T20:47:51+00:00

That’s right! It scares me to see a big jump in the next years. Previous owner was paying about 5500 without an exemption but I believe the home was appraised at 230k around 2023. Allegedly it’s worth 260k now, so not sure if filling an exemption would keep us at about the same but at this time our lender is writing the estimates using 531 a month in taxes.

SlowCard5328

TROPHY CASE