The cost of owning a home and making a monthly mortgage payment will most likely not cost more than your current rent. In fact, it’s probably a whole lot cheaper than you think. The following are only general estimates and are based on putting down 20% of the purchase price in cash, getting an interest rate of 4.8% for the amount of money you borrow and paying it off over a 30 year period
These estimates do not include monthly expenses like real estate taxes, maintenance, insurance and other expenses that come with owning a home versus renting one. However, they also do not take into account the sizable tax savings you will have with home ownership. The interest on the mortgage and the real estate taxes count as deductions on your income, thereby saving you more money. Suprised to see how much you can afford?
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You can also use this Mortgage Calculator widget which is updated daily. Just plug in the numbers and it will calculate your monthly payments based on today’s rates. Remember rates vary from lender to lender:
Mortgage Rate History
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