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No need to guess. In most states, unless you're retired, the property tax is the property tax. I sold real estate in Alabama (with some of the lowest property
by jstewartmobile 7y ago
No need to guess. In most states, unless you're retired, the property tax is the property tax.
I sold real estate in Alabama (with some of the lowest property taxes in the country) 15 years ago. Even back then, on $230k, you'd be looking at around $1500/mo at today's rates, ~$1500/yr property tax, ~$2000/yr homeowner's insurance.
Unless a person is 100% OK with being a wage-slave, cracking a $21,500 nut every year--when you've only got $60k/yr pre-tax--is not a good situation.
- harryh 7y agoFor a 230k loan (which means zero down payment which is unusual) to be $1500/mo you're talking about 6.8% interest. Rates are not that high on a 30 year mortgage.
- jstewartmobile 7y agoMy bad. Used online mortgage calculator. Didn't notice they were including estimate of taxes and homeowners in the monthly.
- wincy 7y agoIf you get a HUD loan and put under 10% down you’re going to get closer to $1500 a month payment due to PMI.