What 🏡 Can You Buy For $1500/month?
Math is math, however when it's computed for money it feels weird. We get asked the question all the time "What would my payment be if I bought a $200,000 house?".
***DISCLAIMER - We are not lending professionals, nor do we pretend to be. For the purposes of this blog post, we used very generic numbers (that can be found below). Every person is different and so is their financial ability and criteria. If you want real numbers let us know and we will get you to some who can help. Now back to the post.***
So lets take the "what would my payment be?" question and flip it on its head. What if you felt comfortable spending $1,500 on housing, not utilities? If so we estimate the average American can afford a home of around $230,000.
What can you get for $1500/month?
***We used the following criteria. In Richland County a $230,000 is estimated to have a tax bill of $2,030 a year, $100 a month in insurance, no HOA fee, a 30 year amortization, 5% interest rate, and no down payment.
Pro Tip: If you're thinking about buying a home, it's important to begin planning financially before you start seeing every house that pops up on Zillow. By "planning financially" I mean getting with a mortgage lender to figure out how much you want to pay monthly, know your down payment options, and see where you line up among the criteria of certain financing types (i.e., do you meet the minimum credit score, debt-to-income ratio limits).
|Are you curious as to what you can get for $2500/month? How about $900/month?||👉🏽 We Know Who Can Help|
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