how much will i be paying a month on a 89,000 home ny

im paying 560 a month on a ten year fixed rate at 5.45 which im trying to get out and change

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Obviously im renting at this moment. i live in a 2 bed room town houses (projects) now, where as i really don't have much of a yard just a parking spot. but my son just turned 2 and i feel like he needs a back yard to play in and more space. but im not sure if i am ready for that type of commitment. i pay $700 for rent with all utilities included, i was looking into a home that is only $89000 my mortgage would be $683 but that's not including utilities, insurance, taxes. im a single mom so im not even sure if i can do it or even afford it. i don't know what to do. help?

You say your rent now is $700 per month (but that includes utilities). And your motgage payment would be $683 (which of course does not include utilities). You need to estimate what your utilities, insurance and taxes will cost per month. This will vary depending where you live. To compare these properly, you will need to figure up what it will cost you in your new home for the same utilities that are now inculuded in your rent (e.g., water, sewer, electricity, natural gas, garbage service, etc.) The seller or real estate agent should be able to tell you quickly what the total property tax is (then divide by twelve to get a monthly figure). For insurance, call and get several quotes... some policies will offer more than others (covering the peorperty, liability and your personal contents). Your mortgage will stimpulate minimum coverage for the home. Once you add all these to the monthly mortgage payment, you will be better able to compare your current monthly housing costs to what it will cost you if you bought this home. Then, on top of that, you will need to budget for maintenance and repairs, which you may need to make as the owner of the home. These will also vary, and are hard to guess. (We bought a home and had to pump the septic system and replace all the appliances the first couple weeks. We lived here two months before realizing the well needs repairs and half the roof needs replaced.) Of course, your concern about if you can afford it or not depends on how much of a down-payment they want compared to how much cash you have on hand, and the monthly costs compared to your monthly cash flow. A few other things to consider are: What is having a yard for your son and owning your own home worth to you? (If you can budget it, paying a little more might be worth it if these things are important to you.) How much equity in the home will you gain each month, and is this important to you? (Excepting for extraordinary circumstances--such as the recent housing "bubble"--your home's value will probably at least remain the same or increase over time, so this is an investment for you. Also, is the sale price a "good deal"?--if you think you're getting a bargain, then you gain that much as an invenstment just buying the place. Depending on how you feel about gaining equity, you can shorten the term of your mortgage and pay more each month--so you gain more equity quicker. Or you can lengthen the term of your mortgage so you have a lower monthly payment--but this will mean you won't gain as much equity each month, and you will end up paying more interest over time.) And as for interest rate, make sure your loan is a fixed-rate mortgage, as interest rates are very low right now. If you were to get an adjustable rate mortgage, the intrerest rate will probably only go up! By moving to a new location, will your son go to the same school, and if not, is there a significant difference in the quality of education offered by each school? What is the difference between your current commute and your potential commute to work and other emenities? (Figure that if you will be driving more or less to work each day, this will change how much you have to spend on fuel and maintenance on your vehicle. And added commute time is your time that you will be giving up every day you commute to work, drive to the store, visit friends or relatives, etc. What is this worth to you?) And finally, what is the quality of the neighborhood? (Crime, vandalism, how people maintain properties, and the potential for property values to increase vary greatly from place to place. There's an old saying in real estate that LOCATION is everything, and it is quite important.) Hope that's helpful to look at the situation from all angles!

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Obviously im renting at this moment. i live in a 2 bed room town houses (projects) now, where as i really don't have much of a yard just a parking spot. but my son just turned 2 and i feel like he needs a back yard to play in and more space. but im not sure if i am ready for that type of commitment. i pay $700 for rent with all utilities included, i was looking into a home that is only $89000 my mortgage would be $683 but that's not including utilities, insurance, taxes. im a single mom so im not even sure if i can do it or even afford it. i don't know what to do. help?

First, check your credit report. Everyone is entitled to a free credit report from the three credit bureaus every three months. If they ask if you want to check any scores or anything, just click on NO. https://www.annualcreditreport.com/cra/index.jsp After you check your three credit reports from the three credit bureaus, you need to address and take care of any negative debt such as unpaid medical bills, etc. The less debt you have the higher your FICO score which is what the banks will use to determine if you qualify for a loan and if you qualify for a loan your FICO score will determine what your interest rate will be. The higher the FICO score, the lower your interest rate. The lower the FICO score, the higher your interest rate. There are practically hardly (from what I was told there are NONE) mortgages that offer 100% financing anymore. You will have to put down a down payment anywhere from 3%-10% of the house price, plus closing, plus Private Mortgage Insurance which can be costly, taxes, inspection, attorney fees, survey if it's a foreclosure, etc. (although 20% is ideal so you don't have to also pay Private Mortgage Insurance with your monthly mortgage ). Owning a house is basically the American dream. I don't know where you live, but maybe you can go on Realty sites that are updated and start pricing houses to determine what kind of house your budget will allow you to afford. If you aren't satisfied with it or your credit isn't where it should be yet, then you will just have to wait a few more months/years until you are on track. Also, note that condo's can be really spacious and more affordable than a house. There are condo's that have common space for everyone in the community to enjoy. If you look into condo's, just ask if everyone are owners---- you don't want to be in a condo where people rent. If everyone owns, they will definetly take care of the property a little more. Good Luck and Best Wishes to you and your son!