I couldn't find a rent to loan calculator anywhere!
2006-12-13 08:26:40 · 13 answers · asked by Austin's gf 1 in Business & Finance ➔ Personal Finance
http://www.smartmoney.com/home/buying/index.cfm?story=rentown
I like this calculator. You may want to consider a few expenses you will see when you own vs. renting. Property taxes, insurance, maintenance to name a few worth considering.
2006-12-13 08:41:55 · answer #1 · answered by bnkr27 2 · 0⤊ 0⤋
2
2016-07-18 19:21:39 · answer #2 · answered by ? 3 · 0⤊ 0⤋
$1300/month is certainly enough for monthly loan payments on a small to medium size house (depending on where you live). Your biggest problem is going to be the down payment. Generally, you want to put 20% of the sale price down to get the best interest rates but you can still buy a house with less a down payment.
The best thing to do is go to a local major real estate company's web site and look at the listings to see what you can afford... Most major real estate sites will have mortgage calculators on their site.
Good Luck!
2006-12-13 08:37:03 · answer #3 · answered by Dan J 4 · 2⤊ 0⤋
Don't forget, you need to allow for the cost of house insurance and property taxes. These can add $300 or much more to the monthly cost of owning a home.
Follow Dan J's advice the Realtor can help with an estimate of these extra costs.
2006-12-13 08:40:24 · answer #4 · answered by oil field trash 7 · 1⤊ 0⤋
Yes, you definitely need to buy if rent is that much. We just sold a house that we paid $1100 a month mortgage and it was for a $125,000 house.
I don't know where those people live that say you can buy a house for 190K or 250K. Our house is $235,000 and we pay $1900 a month total. and my credit is perfect. Interest rates will kill you.
2006-12-13 09:45:54 · answer #5 · answered by catwoman 3 · 0⤊ 1⤋
If you wear a low cut top like the one in your avatar, probably a big ol loan! I would say $130,000+.
2006-12-13 08:32:19 · answer #6 · answered by Eldude 3 · 0⤊ 0⤋
It depends on the interest rate. Go to http://www.credit-yourself.com/loan-calculators.html to figure it out.
2006-12-13 08:29:48 · answer #7 · answered by Anonymous · 1⤊ 0⤋
appx. $225,000, although it depends on how much you are paying for a down payment and what your interest rate is. You can check on www.mortgage-calc.com they have a rent vs. buy calculator, as well as one that will tell you what you can afford based on your income and expenses.
2006-12-13 08:31:49 · answer #8 · answered by missyhardt 4 · 1⤊ 1⤋
Rent-To-Own Home - http://RentToOwnHome.uzaev.com/?zQZv
2016-07-12 15:25:55 · answer #9 · answered by Janette 3 · 0⤊ 0⤋
How much money do you have for a down payment?
2006-12-13 11:38:05 · answer #10 · answered by Anonymous · 1⤊ 1⤋