# Mortgage repayments in Houston



## rebeccap42 (Jun 26, 2010)

Hi,

Myself and future husband are both British maths teachers. We are planning a move to Houston Texas, we obviously will rent for a while before buying our own property. Has anyone got any experience of this?

We have spoken to our bank (HSBC) who have said that they will be able to transfer our credit score, which will hopefully allow us to secure a mortgage. We also have about $125,000 to deposit. We have looked at a few mortgage calculators which tell us that the mortgage repayments of a $250,000 are quite high, is this typical for the area or in the US in general. 

Any help or advice would be greatly appreciated

Thanks

Rebecca


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## twostep (Apr 3, 2008)

rebeccap42 said:


> Hi,
> 
> Myself and future husband are both British maths teachers. We are planning a move to Houston Texas, we obviously will rent for a while before buying our own property. Has anyone got any experience of this?
> 
> ...


It is very simple math. Principal, interest rate and life of the loan which is generally 30 years. Sometimes plus closing costs. Generally there is no pre-payment penalty so you can nibble away on the principal. A standard calculator does not give you TX property taxes which can be an unpleasant surprise. You should be able to get rough numbers through the respective county's tax assessor office. In my corner of TX 250k at 5% will run you roughly 2750/month.


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## EVHB (Feb 11, 2008)

What kind of visa did you apply for?


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