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A tad bit worried

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ncarm80 Joined: 17 Jul 2008 Posts: 2 2.03 Dollars($)	Posted: Thu Jul 17, 2008 4:14 pm    Post subject: A tad bit worried Well I am soon to be closing on my first home and I was informed in a good will estimate from the mortgage company that my mortgage payment including taxes will be $979 a month, the reason why is because my taxes are non-homestead and are fairly high at nearly 4K per year. I was told that the homestead will kick in next year and it will lower my taxes significantly. Anyhow, I currently bring home around $550 a week, after taxes. My current monthly debt, not including the mortgage and utilities would be $700. This includes some spending money and whatnot. Also, my fiance can afford to kick in around $300 a month, plus some help with the utilities and whatnot. Should I be worried that I won't be able to make my payment? I currently make my rent payment of $720 very easily. Thought?
adonis Joined: 22 Oct 2005 Posts: 1359 Location: ALASKA 123.64 Dollars($)	Posted: Thu Jul 17, 2008 9:39 pm    Post subject: Welcome ncarm, It depends on whether you'll be comfortable making such a payment. But do you think it will be difficult for you to pay? I suggest you make a budget for the next month including your mortgage payment and other obligations and then see how much you're able to spend and if at all you're able to save. _________________ Procrastination is the enemy of your financial sucess
larry Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)	Posted: Fri Jul 18, 2008 4:34 am    Post subject: Hi ncarm, Welcome to the forum. You should consider whether you can the mortgage payments or not? Check out your affordability with the calculator at http://www.mortgagefit.com/calculators/howmuch-afford.html If you cannot afford then there is no sense to go for that loan? Is it Fixed rate mortgage or an Adjustable rate mortgage? Best of luck. Larry
ncarm80 Joined: 17 Jul 2008 Posts: 2 2.03 Dollars($)	Posted: Fri Jul 18, 2008 5:06 am    Post subject: Well, the main thing right now that would kill is he taxes, but apparently those are going to be lowered next year.
Johnny1 Guest 0.10 Dollars($)	Posted: Fri Jul 18, 2008 6:50 am    Post subject: Hello. If you want to buy the property now then you will have to bear the tax this year. So better try to adjust it. Anyhow the tax is going to be lower in the coming year.

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