Too many low mortgages here. Good for you.

8300

Our HHI was around 300 when we bought and is closer to 500 now, but our mortgage is 4000 - includes principle interest and property tax, but not home insurance which is a few thousand a year. We had a pretty significant down payment, bought before covid, and interest rates are low. We also did not overbuy house.

This is very comfortable for us. With two young kids, nursery and childcare in a HCOL area, I’m happy that our mortgage isn’t much higher.

$2600. Income was about half what it is now when we bought a decade ago. Don't be too jealous of my low mortgage, I live in a condo (the payment amount includes the condo fee).

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Where do you all live with such cheap mortgages? Or did you buy a decade ago???

Ours was always under $2K. We bought a shack in a less desirable area for under $400K. It was a true fixer upper and needed everything. Even a decade ago, housing was expensive. We never moved, did an addition, and DIY'ed most things. Now house is paid off so no mortgage.

Why is the area less desirable? These numbers are crazy low, unless you bought in 2012 in PG or something.

Because it was what we could afford at the time. We are in MoCo, and there are still houses in that price range. We just never upgraded our lifestyle except one nicer car as our income changed. Having a paid off house and not worrying about daily spending is freeing. Our goal was to pay it off before college.

We paid off our mortgage about 6 years ago. $900K house 15 years ago, now worth $1.5M+. We made more in the past, but health concerns had us pay off mortgage early, but only had a $400k balance left. 3 kids still in Middle and High school doing travel sports and a few vacations a year. We average $400K per year.

We put in $1000K per kid per month for 529, fully fund 401K plus backdoor Roth, and save about $7,000 per month. Money does feel tight, but mainly due to risk of only one surving spouse, and losing the bread winner, we need to save. And yes, we do have Term Insurance, but that will end in about 3 years.

500k and 6500

$3200- we are at $440K

Anonymous wrote:

Anonymous wrote:Where do you all live with such cheap mortgages? Or did you buy a decade ago???

Ours was always under $2K. We bought a shack in a less desirable area for under $400K. It was a true fixer upper and needed everything. Even a decade ago, housing was expensive. We never moved, did an addition, and DIY'ed most things. Now house is paid off so no mortgage.

Why is the area less desirable? These numbers are crazy low, unless you bought in 2012 in PG or something.

We have a 15 year mortgage and our payment is 3750

1900

$2100

Tiny house by DCUM standards but it suits us, as does the monthly payment

$4800; feels tight with one in daycare.

Anonymous wrote:Where do you all live with such cheap mortgages? Or did you buy a decade ago???

We bought in 2013 and refinanced in 2016 to a 15 year at 2.5%. Will be done in 8 years when we are 50.

$3750, 3.5 years left and the house will be paid off