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.