Shane,
30-35K yearly is what I pay myself after all expenses. From what I have figured, and I my be wrong, I would be looking at something like $1200 month payment? If I am correct, I blow this much on the weekends 
just kiddin'
just kiddin'My wife is starting up a new business venture, however, it will be a while until she starts showing up in the black. so its up to my income...
Sho me what we can do here.
- Chris
taxes obviously depend on where you are but the important thing to note is that the 1264 is without add'l costs. If you can afford it now is a good time to buy in most markets.
Your estimated monthly payments are $1,659.14 (including taxes, insurance, and PMI if applicable), and you will pay $255,089 in interest over the life of the loan.
Loan information 
Loan amount 200000 Annual interest rate 6.50% Number of months: (30yrs=360) 360 Monthly principal and interest payment$1,264.14
Monthly property taxes$183.33
Monthly hazard insurance$86.67
Monthly PMI (if applicable)$125.00
Total monthly payment (including taxes, insurance, and PMI)$1,659.14
cspar1212 wrote:Shane,30-35K yearly is what I pay myself after all expenses. From what I have figured, and I my be wrong, I would be looking at something like $1200 month payment? If I am correct, I blow this much on the weekendsMy wife is starting up a new business venture, however, it will be a while until she starts showing up in the black. so its up to my income...Sho me what we can do here.- Chris
As texhawk has laid out, the payments will be closer to $1,600/mo (or ~$1,400 if you choose interest only). I would still caution you to carefully analyze your finances before buying a home... you say your wife is starting up a new business venture and will be awhile until she starts making income as opposed to loss/breaking even, so over the next 8-10 months carefully monitor that and at the end of that period you'll have a better idea if purchasing a home is the right choice for you. Because it does appear you will be receiving more income down the road, an interest only loan isn't a bad choice... as you'd be able to afford it initially and gradually pay more & more over the interest only payment as you get further into the loan term. You'd need to make sure that at the end of the interest only period you would have paid enough principal down so when the loan payment re-amoritzes after 10 years, the payment over the remaining 20-year amortized portion wouldn't be a payment shock you couldn't handle.
This is also something I was going to ask, Do i have to escrow in the taxes and insurance? Just seems unreasonable to have to pay interest on taxes and insurance.
texhawk wrote:taxes obviously depend on where you are but the important thing to note is that the 1264 is without add'l costs. If you can afford it now is a good time to buy in most markets.Your estimated monthly payments are $1,659.14 (including taxes, insurance, and PMI if applicable), and you will pay $255,089 in interest over the life of the loan.Loan information$1,264.14$183.33$86.67$125.00$1,659.14
If your loan-to-value is more than 80% (90% in a few states) then you are required to escrow taxes/insurance. You don't pay interest on taxes/insurance, it's seperate from the principal & interest payment (which is calulated by your interest rate) and determined by whatever your homeowners insurance premium is you get from your homeowners insurance agent and whatever your property taxes are charged by the county/city/parish.
cspar1212 wrote:This is also something I was going to ask, Do i have to escrow in the taxes and insurance? Just seems unreasonable to have to pay interest on taxes and insurance.
texhawk wrote:taxes obviously depend on where you are but the important thing to note is that the 1264 is without add'l costs. If you can afford it now is a good time to buy in most markets.Your estimated monthly payments are $1,659.14 (including taxes, insurance, and PMI if applicable), and you will pay $255,089 in interest over the life of the loan.Loan information$1,264.14$183.33$86.67$125.00$1,659.14