Buying a House

Silver Member Joined: Feb 07 2010 Posts: 891

How much is a mortgage on a house that costs $300,00 with $6,000 in property tax? I am trying to figure out if it is cheaper to rent or buy a house.

Thank you so much!

The other option is to spend anywhere from $1600 to $1700 a month on renting an apartment. We currently rent but need to move for health reasons.

Posted: Mon, Mar 21 2011, 11:55 am Post subject: re: Buying a House

depends how much your down payment is. Once you know how much you want to put down, google a mortgage calculator.
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Posted: Mon, Mar 21 2011, 12:03 pm Post subject:

$300,000 at 5% interest for 30 years would be $1,610.46 a month plus $500 a month for taxes. If you don't have significant money down you will also be paying mortgage insurance if you can get a mortgage.

You also have to figure in home owners insurance and maintenance. Roofs need replacing, furnaces go, and pipes burst. When you own they are your responsibility. Homeownership is a huge financial responsibility.

Maybe buying an apartment would be cheaper than renting an apartment long term, but buying a house sounds like it would be more money with the numbers you gave.
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Silver Member Joined: Feb 07 2010 Posts: 891

OP here: We plan on putting down around $75,000. Any idea if we put down that much? Thanks.

Posted: Mon, Mar 21 2011, 12:40 pm Post subject:

The payment on a 30 year $225,000 mortgage at 5% is $1,207.85, plus the $500 a month for taxes and then you need to figure in insurance and maintenance.