The Lifelong Learner         by Stanley Kubasek | About Me |

House prices are ridiculous in New Jersey. Everyone knows that. I would like to buy a one family house in Rutherford, NJ (I really like that town), or somewhere else in Bergen County. I'm willing to pay up to $300K. I know I cannot find anything now, so I'm willing to wait couple of years (hey, maybe my income will double :-)). I'd say that my wife and I have time until 2010. I think by then house prices will be lower in the area (I think we have a chance in 2007 or 2008). So how much would I have to pay on $300K at 6.5%? According to this mortgage calculator (found it through WSJ), my monthly payments would be $1900. Tha's a lot, but I'm paying $1050 for rent each month now. :-(

Reference
Morgage Calculator, Homestore.com