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Be sure to read this post! Beware of scammers. https://www.indianagunowners.com/threads/classifieds-new-online-payment-guidelines-rules-paypal-venmo-zelle-etc.511734/
NWI INGO General Post - Part 4
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ROLEXrifleman
Master
Also remember that your pre approval amount is the max they will give you after your down payment! So if your going conventional you'll need 20% or you'll be smacked into an FHA which requires 5% and you will be charged pmi monthly till your equity reaches 20%.
So.....
If you make $50k a year gross then you take home roughly $1350 biweekly.
The rule I follow is that your house payment should never be more than one if your checks. With that said....
Let's say you find a $200k house. And let's say you go FHA. (trust me, from the sounds of things that's the route you'll be headed, ic you even end up buying)
That means you'll need $10k in down payment! You got $10k?
Good then let's continue....
That now brings your loan down to 190,000 right? Wrong!
You'll see his much closing cost etc are, unless you dan negotiate that into the final price, you'll be stuck paying them.
So let's say you are super smooth used car salesman of hr century and get all your fees included.
We are at $190,000
So based on that number and a hypothetical 4% loan over 30 years your payment would be $907 a month. That $907 does NOT include
PMI
Taxes
Homeowners insurance
Taxes we know are 1% so we know you'll be in for $1900 there.
So that's another $158
Pmi will be roughly 80 month
And a good homeowners policy another $100
So now we are at $1215 a month, roughly for the next ten years of your life, until that PMI falls off. That's $1250 a month be for you even factor in
Food
Nipsco
Water
Gas for your already paid car
The above are the bare minimum things you gave to pay for. And heaven forbid you need to make a repair on the home or even your car in the meanwhile.
Oh btw, washer dryer stove fridge..... You got all that stuff right?
Notice how I haven't even gotten to you going out and enjoying life yet, see.... That cost money, and if your house poor, you'll have none!
Seek advice from someone you trust, not Internet wisdom!!!!!!
So.....
If you make $50k a year gross then you take home roughly $1350 biweekly.
The rule I follow is that your house payment should never be more than one if your checks. With that said....
Let's say you find a $200k house. And let's say you go FHA. (trust me, from the sounds of things that's the route you'll be headed, ic you even end up buying)
That means you'll need $10k in down payment! You got $10k?
Good then let's continue....
That now brings your loan down to 190,000 right? Wrong!
You'll see his much closing cost etc are, unless you dan negotiate that into the final price, you'll be stuck paying them.
So let's say you are super smooth used car salesman of hr century and get all your fees included.
We are at $190,000
So based on that number and a hypothetical 4% loan over 30 years your payment would be $907 a month. That $907 does NOT include
PMI
Taxes
Homeowners insurance
Taxes we know are 1% so we know you'll be in for $1900 there.
So that's another $158
Pmi will be roughly 80 month
And a good homeowners policy another $100
So now we are at $1215 a month, roughly for the next ten years of your life, until that PMI falls off. That's $1250 a month be for you even factor in
Food
Nipsco
Water
Gas for your already paid car
The above are the bare minimum things you gave to pay for. And heaven forbid you need to make a repair on the home or even your car in the meanwhile.
Oh btw, washer dryer stove fridge..... You got all that stuff right?
Notice how I haven't even gotten to you going out and enjoying life yet, see.... That cost money, and if your house poor, you'll have none!
Seek advice from someone you trust, not Internet wisdom!!!!!!
ROLEXrifleman
Master
And here's the kicker......
You base these numbers on your job now, what happens if for some reason you loose that job.......
You better be able to find something that at MINIMUM allows you to cover that monthly nut. So just to keep that roof over your head you would have to find a job that pays at minimum $22/hr. And then you have no $ for utilities and food.
You base these numbers on your job now, what happens if for some reason you loose that job.......
You better be able to find something that at MINIMUM allows you to cover that monthly nut. So just to keep that roof over your head you would have to find a job that pays at minimum $22/hr. And then you have no $ for utilities and food.
ROLEXrifleman
Master
Nothing says you've made it in life more than watching softcore porn on skinamax o. Your 60" plasma while your wife sleeps next to you while your on your smartphone on an iternet gun forum.
MERICA' F YA!
MERICA' F YA!
Last edited:
GhostofWinter
Master
Sitting outside the lounge using the wifi waiting on melensdad......
PMI is tax deductible now-a-days come tax time (on federal forms) provided the loan started 2007 or later IIRC. Not sure on the start date.
So that "helps" a bit for those that have it.
Your interest paid on the mortage is also tax deductible.
yikes... no wonder why everyone my age i know settled for a $70k house in hammond.....
You can always buy land in say ---- county and pop up a tent on your land. Live the life of an indian for a while.
leacher
I still own my house in Texas. Like they said, make sure you can make the payments comfortably. Also, make sure you will be in the house for a couple years, if you like moving every year or two, then its not worth it to try and buy. While you can always buy a cheap house and pay it off sooner, if its your "forever" house, you really don't want cheap either. Be on the lookout for a good deal, there are a lot of foreclosed houses still with the mortgage dropping out, and then the bad economy. I got my house before both of those, so it might finally be worth more then I owe on mine. Cannot always account for everything.
And be prepared, financially, for the furnace to crap out, the plumbing to have major issues and the roof to leak...all at once.
Yep, almost forgot the extra money to have aside for the emergencies. You think your car/truck breaking is expensive, just wait.
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