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I think I found my new house... in 4 months.

Discussion in 'Members' Lounge' started by jamesA, Jan 1, 2007.

  1. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Hopefully I can get it. B and I might be roommates soon if I can pull everything together.

    I went to a pre-new years party at a friend of a friends, and they happened to mention that their house is up for sale, but aren't in any hurry to sell because they want to build.

    Well he started showing me around and we started talking about it. Their asking price is 82.5k.

    Does ANYONE have a calculator that can do some compounding interest on payments for things like this? I'd like to see what payments will be estimated at. I know it'll be around 450-600. But I'm going to give a call to a couple mortgage companies with the MLS# of the house as well.

    Anyway, I drew a quick sketch of the place, nothing is to scale but here goes:

    The House:
    [​IMG]

    The entire lot:
    [​IMG]

    Pros:

    It's in New Haven, 5 minute commute to and from work. ++++
    It's a 3 bedroom, technically two and a 'computer room'
    Closets gallore
    Spacious and fenced in backyard with a 3' deep fish pond.
    Single backyard tree
    Single car garage unattached.
    FIOS ready
    All appliances are < 2 years old. ++++
    The house was stripped and redone 4 years ago by the previous to the current owners.
    3-4 car driveway with side step for an extra car.
    The owners are in no hurry to sell, they're waiting to sell before moving and building their own house.
    attic entrance in the hallway

    Cons:

    Asking price of $82,500 dollars.
    Single bathroom.
    I still have four months on this lease.
    Not sure I want Matt to go with me... (my current roommate... I'm tired of him though)

    The house was built in the 50s, but as I said it was stripped and redone a few years back. It's like new.

    I need to find out the square footage on it.

    I'm excited. I think with a roommate splitting everything (except the mortgage) 50/50 it'll work out well.
     
  2. jamesA

    jamesA Well known pissed off telephone guy VIP

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    and yes Jeffie... that's cheap. I'd estimate it around 1100 sq ft. I don't live in maryland or New England. Things are cheaper here. ;)
     
  3. MXDesa

    MXDesa Senior Member

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    WHere the fuck do you find a house for that kind of price anymore? Please let me know.... In New York/Long Island you dont find anything under 300K even for a piece of crap shithole house. I would consider it if i were you, especially if its in the condition you say it is.
     
  4. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    I've got a spread sheet that does a complete amorization of a loan, it'll show you monthly payments as well. check it out
     

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    Last edited: Jan 1, 2007
  5. Jeef

    Jeef NO MA'AM Moderator VIP

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    Also do a search for mortgage calculators they are all out there. You should be in the 500-650 range depending on interest rates, etc. I wish I could find something around here for under 200k
     
  6. noobvang

    noobvang Senior Member

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  7. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Holy crap I haven't seen your name on here in a while.

    I live in Indiana, New England is for suckers who like paying too much money. :p

    Is that Microsoft Excel? I wish I had that on the Laptop.
     
  8. jeffie7

    jeffie7 Wrong Whole! VIP

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    How's Bs credit? From the other post it sounds like (not bashing you) you're not going to have that high of a credit score. if you have 20% cash down its do-able but at a high rate, if you have zero down its maybe do-able but at a very very very high rate.

    NRL Federal Credit Union :: v.1.2.9 :: Home :: they have a java program that will run your #s

    If I had to put a guess on what your monthly payment would be, I'd guess around $700-800

    Do keep in mind, if the house doesnt pass inspection and is a buy as is, you cannot get a large loan on it, you'll need a large sum of money to put down on it.

    Just remember when running your #s

    add

    taxes,
    loan insurance,
    home insurance,
    HOA if there's one.
     
  9. pissedoffsol

    pissedoffsol RETIRED

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    80k is crazy cheap... i can't believe it.

    I may be buying some houses out the in the future to rent out.


    anyway........

    take the biggest payment you can barely afford to live with. in a couple years, you'll be making more money, and the payment will be easier to live with.

    just keep your roomates on a solid written lease, and don't rely on their income to afford the house. If one splits town on you, you still need to pay your mortgage.
     
  10. pissedoffsol

    pissedoffsol RETIRED

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    and PMI if you don't have 20% down.
     
  11. jamesA

    jamesA Well known pissed off telephone guy VIP

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    hrm what? lol

    I know I told you it was around 625 or so last time. 605 is good enough for a house. Just because I don't like credit cards, doesn't mean I haven't been resposnsible with my credit.
     
  12. pissedoffsol

    pissedoffsol RETIRED

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    400 is good enough for a house........
    but you'll get fucked on interest rate because you're considered higher risk.
     
  13. jamesA

    jamesA Well known pissed off telephone guy VIP

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    How do you figure? I can get a 6.25% rate.
     
  14. jeffie7

    jeffie7 Wrong Whole! VIP

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    How did you get that #? Just remember brokers/realtors will tell you anything and everything to get you to buy a house, even if it breaks you 2 years from now.

    I pulled 816 about 6 months ago, the only way I could get a low 6% rate is if I had 20% down + closing cost in hand.

    What kind of loan are you looking for? you might beable to pull a low 6% if you do a balloon loan. Maybe thats what they're trying to sell you on, or an interest only loan.
     
  15. jamesA

    jamesA Well known pissed off telephone guy VIP

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    How did I get that number? Because I put the phone system in the mortgage company that have two very cool ladies who love me to death for getting their shit done before they had to move. They're not out to screw me.

    I have connections in some areas. :)
     
  16. pissedoffsol

    pissedoffsol RETIRED

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    i got 6.5% on my place, and i bought it a year ago when intrest rates were lower.
    they started with 5.25.
    that turned into 6.25 after they realized i didn't have 48,000 to put down.....
    and then that turned into 6.5% when my income vs debt ratio exceeded 50%.
    you have a car payment still too, so you're probably going to get hit with that as well.

    Then, there's the whole roommate risk... your financials alone won't get you approved on the place (possibly) without the income from the roomies.

    I'll be shocked if you get under 7...
     
  17. jamesA

    jamesA Well known pissed off telephone guy VIP

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    No matter what my interest rate is, I have over 1000 dollars extra. My bills right now total around 860 with everything else.

    If I subtract my electric, rent and cable I pay 448.50 on everything else I have. I'm thinking of dumping my cell phone since I have a free work phone, so my bills will be under 400.

    I'm not telling you what I make net every month, but IMO this house is very affordable for me while taking into account the 120 for electric, 40 for water, 70 for garbage/sewer and property taxes (which is included into the mortgage).

    8% interest on 82.5 is a 672 dollar mortgage, not including everything else.
     
    Last edited: Jan 1, 2007
  18. pissedoffsol

    pissedoffsol RETIRED

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    605 by my math on a 30 yr fixed with 0 down.

    add about 180 a month for pmi for the first couple years (I pay 220 ish on a 140k loan that i put 10 grand down on)
    and probably 2000 ish a year (maybe less depending on your area) for prop taxes


    just keep in mind theres more to life than the utilities bills. Eventually, you'll need new clothes, new tires for the car, and all that random crap that no one ever really budgets for.

    but with the house, you get to write off your interest on your taxes.

    this year with my income, i'm in the highest federal tax bracket there is....
    but i'm going to only be paying that of a middle class citizen due to all the write offs i can take for the mortgage and work-related write offs.
     
  19. jamesA

    jamesA Well known pissed off telephone guy VIP

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    haha I'll have plenty left over for clothes, not that I buy that many.


    But hell, if it's necessary I'll get myself a part time job. Don't think it will be though.
     
  20. BigJ

    BigJ I'm just about that action Boss. VIP

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    Sounds like a freaking sweet plan. Jump on it. I can see this making you money down the road.

    If I personally found a house under 200k here in bellingham, I'd buy it. But they don't exist anywhere within 10 miles of the schools.
     
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