Your mortgage payment won't increase by much as the bulk of the loan is a 30 fixed (80%) and the STRS 2nd is not that bad of a loan when compared to either an FHA mortgage or a Conventional 30, both with some form of mortgage insurance costs.
If you are concerned about being up a creek without a paddle, ask yourself first these questions:
1) How secure am I with my current job?
2) If I lose my job or if I must relocate, what will the property I purchase rent for?
3) If I live here, what do I have left per month that will allow me to maintain my current lifestyle?
4) Can I still save something every month after I pay my house payment, plus utilities?
5) What benefit is there to home ownership compared to what I have today as a renter?
Depending on the answers to the above questions, you should know if now is the right time to buy. Buying isn't always contingent upon the type of loan you get, but more often than not based on if you can sleep well at night.
BTW, we do not offer the STRS 2nd loan, but if you need a referral to an experienced mortgage professional who does these loans I have two contacts to recommend to anyone interested in these unique loan programs.
My .02c
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