How much do you pay a month for a house?

+1 vote
asked Jul 27, 2018 in Real Estate - Renting by Crisigvs (290 points)
How much do you pay a month for a house?

How much is an average monthly house payment when buying a house through a mortgage?

1 Answer

0 votes
answered Jul 27, 2018 by Jodie (35,100 points)
There's no set mortgage payment as it varies depending on the amount of the mortgage and the length of your mortgage.

30 year mortgages will have a lower monthly payment than a 15 year mortgage however the 30 year mortgage will take way longer to pay off and you'll pay a lot more in interest on the 30 year mortgage VS the 15 year mortgage.

A typical monthly mortgage payment though for a $200,000.00 mortgage over a 30 year time frame is around $1,073.64

And for a 15 year mortgage your payment may go as high as $2,000.00 per month.

When you buy a house through a mortgage you'll be paying interest mainly in the first year of the mortgage with hardly any if any at all of that payment going towards the actual purchase price of the home.

30 years is a long time to pay on a mortgage so if possible get a 15 year mortgage if you can come up with the down payment and can afford the larger monthly payment.

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