Is this house payment a good one?

Credit and mortgage advice Forums Home Insurance Is this house payment a good one?

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      We are under a contract for a house we just bought… well almost, our settlement date is the 26th of September. We are getting all the inspections done. We bought the house for $ 78,000 with $ 4,000 closing cost help, which equals to $ 82,000 being financed. We got a rate of 6.25% and a 30 year fixed term. Our monthly payments are $ 665 a month. The insurance is being quoted as $ 500 a month from the lender, but we have not heard back from our insurance company. The taxes for the property are just a little over $ 1,000. Everything is included in the $ 665 a month.

      My questions is is this a good monthly payment and interest rate? We are first time home buyers and are going through a FHA loan.

      Our current monthly spending is about $ 2,240. This is going drastic because we want to make sure that we can afford the home. I figured out that it would be a total of around $ 850 for all the home bills. My husband brings home 712.37 a week. Wich would be a little over $ 3,000 a month average.

      I know that things will be tight until we pay one of the cars off, but like I said I averaged out everything a lot more than it actually is, well the stuff that I could, to make sure that we afford it.

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