How much house can I buy for $900/month?

10 01 2011

Well, that all depends.  Don’t you hate that statement?  (I do, but it’s true)  Let’s assume you’re a first time homebuyer.  Let’s also assume you’re eating a lot of ramen to save for your downpayment (or so that you don’t feel so guilty asking mom & dad to help gift you the money).  That being said, I’m gonna assume you’re getting an FHA loan with the minimum down payment of 3.5% & we’re asking the sellers to pay the closing costs for you.  If we ignore what the utilities will run, since you’d most likely be paying those in an apartment, too (and let’s face it…I don’t know if you keep the heat at 85-which would make a huge difference).  If I guess your interest rate to be 4.5% (since they’ve been close to that).  All of that being true, and guessing about average for taxes & insurance in Billings, you’d be able to afford a $130,000 with a PITI of about $921.  That’s WAY better than renting.  You can paint your own walls, play your music as loud as you want, and benefit from tax savings on the interest you pay for your mortgage (and get tax breaks from your closing costs).  Now, why are you still renting?  Press that little link on the side that says call me.  I can help you fix that.  🙂

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