What Can I Afford?
My best advice is to consult a lender for information on current interest rates, terms, and the wide variety of mortgage programs available today. There are many lenders in the New River Valley who offer competitive rates and excellent service - and fewer unpleasant surprises at the closing table than those too-good-to-be-true mortgage pushers you see advertised on TV or the Internet. I'd be happy to introduce you to local mortgage originators who are especially appropriate for your own circumstances. (See my "Lenders" page on this site.) In a half-hour on the phone or on a website, most of the local lenders will take your financial information (your income and debts) and "preapprove" you for a target maximum price you can afford for property. Having a letter of preapproval from a lender is a necessary component to a property offer in our local market. (The seller wants to know that you will be able to go through with the sale.)
But for a quick estimate you can do yourself, click on the calculator on my navigation bar (to the left) that will correlate amount of mortgage, interest rate, and duration of the loan to give you an estimated monthly payment. In this region, homeowner's insurance will be $30-$50 per month for the average house. Taxes are based on the assessed value (which I can find out for you on specific properties). But for a quick estimate of a maximum, take the sales price and multiply by these factors (in tax dollars per thousand dollars of value) for different communities in the New River Valley to get a yearly figure: (2011 figures - 2012 rates will be set in late spring) (Town taxes here include the relevant county tax.)
Blacksburg - 0.97
Christiansburg - 0.8626
Craig County - 0.46
Floyd County - 0.50
Town of Floyd - 0.587
Giles County - 0.54
Towns: Pearisburg 0.81; Pembroke 0.84
Montgomery County - 0.75
Pulaski County - 0.54
Pulaski town: 0.84
Radford - 0.76
Dublin - 0.73
Roanoke City - 1.19
Roanoke County - 1.09
Salem City - 1.18