House buying downpayment

[michaeledwards]

Hello Guys, Next year townhome around 450K kondam ani planing, Im very new to home buying thing. nadi single income family with around 8K income after taxes

1.Asalu house chudanki start chesemundu hand lo entha cash undali?

2. Max around 2500-3000 EMI undali ante entha downpayment cheyali?

3. Asalu 450K house konte closing cost entha avtayi and avi downpayment lo add avudda or extra?

[godfather03]

Find a home close to your budget in Redfin and there is a monthly EMI calculator bases on your location…

[Vaampire]

450k home antey monthly emi 2500-3000 including property tax.

20% downpayment is good to have.

 

if ur planninh to buy home next year, start searching now. Open houses ki vellandi. Enthaki list chesthey enthaki sold anni track chesukondi

[Anta Assamey]

17 minutes ago, michaeledwards said:

Hello Guys, Next year townhome around 450K kondam ani planing, Im very new to home buying thing. nadi single income family with around 8K income after taxes

1.Asalu house chudanki start chesemundu hand lo entha cash undali?

2. Max around 2500-3000 EMI undali ante entha downpayment cheyali?

3. Asalu 450K house konte closing cost entha avtayi and avi downpayment lo add avudda or extra?

Download the following excel sheet from Microsoft and it will give you an idea of numbers...

https://templates.office.com/en-us/simple-loan-calculator-and-amortization-table-tm16400462

[Thokkalee]

Which location bro? Total payment depends on the property tax which may be a lot depending on the area… Texas and Calif has high property taxes.. 

For a town house, you have to pay high hoa.. include property taxes, home insurance ($100-$300), electricity, etc… 

[ForEverJava]

25 minutes ago, michaeledwards said:

Hello Guys, Next year townhome around 450K kondam ani planing, Im very new to home buying thing. nadi single income family with around 8K income after taxes

1.Asalu house chudanki start chesemundu hand lo entha cash undali?

2. Max around 2500-3000 EMI undali ante entha downpayment cheyali?

3. Asalu 450K house konte closing cost entha avtayi and avi downpayment lo add avudda or extra?

Plan on additional expenses for repairs and home owners insurance and HOA and property taxes and electricity and utility bill(water sewage trash & gas) depending on your location ..lawn maintainance if single family if not high Hoimagine.. also monthly home cleaning expenses ..home buying is lot more intense that u can imgine..just understand all these before getting into home buying ..

 

Also prepared to be paying interest rates in the 5 to 7% if you plan to buy next year..that will make your budget more complicated..

[veerigadu]

1 minute ago, Thokkalee said:

Which location bro? Total payment depends on the property tax which may be a lot depending on the area… Texas and Calif has high property taxes.. 

For a town house, you have to pay high hoa.. include property taxes, home insurance ($100-$300), electricity, etc… 

jersey marchinattunavvvvv. 

[Thokkalee]

3 minutes ago, veerigadu said:

jersey marchinattunavvvvv. 

No idea about jersey and Ny… pretty much ruled out anywhere in North east for buying a home in the 400K range… 😀

[vishesh]

21 minutes ago, michaeledwards said:

Hello Guys, Next year townhome around 450K kondam ani planing, Im very new to home buying thing. nadi single income family with around 8K income after taxes

1.Asalu house chudanki start chesemundu hand lo entha cash undali?

2. Max around 2500-3000 EMI undali ante entha downpayment cheyali?

3. Asalu 450K house konte closing cost entha avtayi and avi downpayment lo add avudda or extra?

 

closing costs  is separate adhi  loan lo cover avutadhi but you will end up paying  interest separately  on that too  along with your EMI  , choose the right realtors in your locality who already worked with your friends or relatives, when you keep a realtor usually nvvu kone house meedha akkada market value batti kontha percentage(Ex:2-4%) varaku seller will pay to realtor, so realtor ki ne valla money vasthai seller deggara nunchi, so on that your realtor will  keep his share and cover full  closing cost or else some part , ivanni house teeskune mundhu realtor tho matladukovali .I see now a days Sellers are directly going with buyers to avoid realtors. Talk to as many as you can and go for different options.

 

[pandemkodi]

30 minutes ago, Thokkalee said:

Which location bro? Total payment depends on the property tax which may be a lot depending on the area… Texas and Calif has high property taxes.. 

For a town house, you have to pay high hoa.. include property taxes, home insurance ($100-$300), electricity, etc… 

California prop taxes r not high 

[Hitman]

Don’t forget Home owners insurance if it is Florida 

[Shameless]

56 minutes ago, michaeledwards said:

Hello Guys, Next year townhome around 450K kondam ani planing, Im very new to home buying thing. nadi single income family with around 8K income after taxes

1.Asalu house chudanki start chesemundu hand lo entha cash undali?

2. Max around 2500-3000 EMI undali ante entha downpayment cheyali?

3. Asalu 450K house konte closing cost entha avtayi and avi downpayment lo add avudda or extra?

Since you are a first time home buyer (FHA loan), you can qualify for 3% downpayment (only if you don't have at least 20% downpayment to avoid mortgage insurance) but you will have to pay mortgage insurance which could be around $100 depending on your loan amount...

Closing cost depends on the seller and also your county (you have to negotiate with your agent since you cant directly talk to the seller)...in my case, my seller paid all the closing costs...some banks do add closing costs to the loan...

check how much your property taxes will be...ee year property taxes raise ayyayi...

let me know if you have any questions bro

[Vaampire]

53 minutes ago, Thokkalee said:

Which location bro? Total payment depends on the property tax which may be a lot depending on the area… Texas and Calif has high property taxes.. 

For a town house, you have to pay high hoa.. include property taxes, home insurance ($100-$300), electricity, etc… 

Calif lo avge property tax 1.2% which is pretty similar to other states. 

[chicagoafdb]

1 hour ago, michaeledwards said:

Hello Guys, Next year townhome around 450K kondam ani planing, Im very new to home buying thing. nadi single income family with around 8K income after taxes

1.Asalu house chudanki start chesemundu hand lo entha cash undali?

2. Max around 2500-3000 EMI undali ante entha downpayment cheyali?

3. Asalu 450K house konte closing cost entha avtayi and avi downpayment lo add avudda or extra?

you may need to bump up your $$ spending, if you are looking for new construction with good SD..

[hushh fatak]

2 hours ago, michaeledwards said:

Hello Guys, Next year townhome around 450K kondam ani planing, Im very new to home buying thing. nadi single income family with around 8K income after taxes

1.Asalu house chudanki start chesemundu hand lo entha cash undali?

2. Max around 2500-3000 EMI undali ante entha downpayment cheyali?

3. Asalu 450K house konte closing cost entha avtayi and avi downpayment lo add avudda or extra?

Mortage afforability calculator ani untundhi USe that

 

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