The monthly savings of buying looks Enticing...

The monthly housing costs ( principle, interest, taxes and insurance or PITI) associated with buying a median-priced home of $301,430 is $1,590. This assumes the buyer is making a 20% downpayment and financing wiht a 30-year fixed rate mortgage at 4.62 %. In comparison, the median rent on a 3-bedroom, 2 bath apartment with renter's insurance is $1,810. That means buying a home would save the homeowner $220 per month when compared to renting and the homeowner would save ocer $2,600 a year.

The mortgage rate is a significant factor in determining just how much a homebuyer can afford. Today's low mortgage rate environment tips the scale for some- in favor of buying versus renting. For a $400,000 home with a 20% downpayment and a 4% mortgage rate, the monthly PITI will be $1990 and a 5% interest rate the PITI jumps to $2,180... 

When you're thinking of buying... Call us 

The Gold Team   818-515-2006