Originally Posted by skabone69
I don't know how long I'll have it. I'll odviously have it for 2 years so I don't have to pay penalties. I'd like to say I'll keep it for a long time, but who know. I'm going to be putting down $10-15k for a downpaymen, and I'm looking at condos in the $80-115K range. with a 30year fixed I'd be looking at $400-1000/month including insurance.
I wouldn't put that much money down on that amount of a loan. At 5.5% your monthly P&I would be around 455 a month for 80K and about 655 for 115K depending on what your taxes and insurance are if you want to escrow them also they would be in addition to that base payment.
Keep your money for your own use or invest it in something other than your home. You may want it to remodel to your tastes, even on a new home.