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Apartment advice...

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jwinslow said:
great stuff keeponrisin... I'm looking to start paying off a place this summer/fall instead of renting. greenies for you

for us youngsters who have no idea about the financing of mortgages, what type of money would it require each month to pay off a 40-50,000 home?
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I bought mine for $80K, but got in at 4.5% interest couple years back. I know rates aren't that low now, but know they are still pretty decent especially if you get a 5-year ARM. My payments are approx $600, but it includes approx $2500 a year property tax and home ins payments as well.
I figure the mortgage payment alone is approx $400. Nice thing about it is that I bought from an older lady who could not take care of it anymore...(and no I didn't rip her off):wink2: and after only 2 years and a couple of small improvement projects, got appraised recently for $118K. Not too crazy of a number, but knowing I have that equity if things get rough is a good feeling.
Pretty young myself so i know where your coming from.

If you happen to find a place, let me know and I'll have my cousin crunch the exact #s for you.
You can also go to bankofamerica.com and other free financial calculators websites and figure out an exact pmt.
Obviously credit and job history plays into your interest rate.
Don't forget to consider property tax payments...they are a little steep in some areas, but you can get those numbers at Franklin county auditor website.
http://franklin.governmaxa.com/propertymax/rover30.asp
 
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jwinslow said:
great stuff keeponrisin... I'm looking to start paying off a place this summer/fall instead of renting. greenies for you

for us youngsters who have no idea about the financing of mortgages, what type of money would it require each month to pay off a 40-50,000 home?
Click to expand...

Less than $500.... but, not to be a jerk, with a 50K home, your last "problem" is the mortgage payment.:wink2:
 
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well it sounds like I could start paying off a nicer house without all of those problems :) Two paychecks should make that a strong possibility.

Thanks for the input guys.
 
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my wife and i were living together before we got married in an apartment (950 sq ft) that we paid $750 per month for, we bought our house (2100 sq ft) and our mortgage payment is 990 per month, with taxes and property insurance figured in. if you can get through the paperwork, buying a house is well worth it!
 
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iambrutus said:
my wife and i were living together before we got married in an apartment (950 sq ft) that we paid $750 per month for, we bought our house (2100 sq ft) and our mortgage payment is 990 per month, with taxes and property insurance figured in. if you can get through the paperwork, buying a house is well worth it!
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....if you don't mind the extra headaches. When your furnace goes out in an apartment, the landlord pays for it. There are a lot of reasons to own a home, but there are just as many not to. I know several people who bought their own house/condo and within a year, for various reasons, needed to move out of town. They all really wished they had still been renting.
Owning a dwelling (unless it's made of cardboard or on wheels) is the biggest ball and chain imaginable outside of prison.
 
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I took the aforementioned apartment complete with six shower heads, and was able to talk the price down to $550/mo. from $600/mo.

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Did I mention the six shower heads?
 
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generally better to buy than rent...
in essense... when you rent, you are making the other guys mortgage payment... and he gets to write off the interest from his taxes.. which is something you could be doing...

or another way to look at it... when you itemize... think of the Fed govt as paying 25% of your mortgage and taxes...
 
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