Part 2- Borrowing 4. Purchasing a Home House prices tend to rise over time, which means that purchasing a home can many

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Part 2 Borrowing 4 Purchasing A Home House Prices Tend To Rise Over Time Which Means That Purchasing A Home Can Many 1 (73.34 KiB) Viewed 47 times

Part 2- Borrowing 4. Purchasing a Home House prices tend to rise over time, which means that purchasing a home can many times be one of the best investments you can make. Currently, interest rates on a mortgage are at a historic low. (a) It is wise to keep your monthly housing payment, which includes mortgage, property tax, homeowner's insurance, and any HOA (Homeowner's Association fees, to less than or equal to 30% of your monthly take home pay. Monthly Take-Home Pay(2b): Maximum Monthly House Payment: (b) Property Taxes and Homeowner's Insurancă are usually paid every month, with your mortgage payment, and held in an Escrow account until they are due each year. The average household pays $2,375 in property taxes each year. The average household pays $1824 in homeowner's insurance each year. Monthly Property Tax: Monthly Homeowner's Insurance: (c) To find the monthly Mortgage payment you can afford, subtract your Monthly Property Tax and Homeowner's Insurance from your Maximum Monthly Housing Payment. Maximum Monthly Mortgage Payment: 5