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chip_designer
2012 Jun 7, 10:28am
Is there anything I'm missing with my math? Is this correct?
yes, your math computes right.
besides housing , for example one can save tons of money by not marrying a housewife, not having kids, driving a used car, using disposable phone service, free on the air tv reception, etc.
One factor why people buy a house, because at one point in their life, they also wanted to pursue their american dream. or being on the same level as co-workers, or becoming a proud owner of a dream house after work so hard saving for it.
Suppose most of co-workers having a house, most of church acquaintances having a house, then you still only rent.
That is not good feeling, they might think things.
JodyChunder
2012 Jun 7, 10:44am
becoming a proud owner of a dream house after work so hard saving for it.
In Every Dream Home a Heartache
http://www.LPmMveU0dmc&feature=related
JodyChunder
2012 Jun 7, 3:15pm
m going to have to stock up on some more zombie killer ammo after watching that video...
I've been scouring far and wide for a muzak version of that to play in the background of my Virtual Tours for my rental listings!
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The numbers (ran through Patrick's Mortgage Calculator):
House Price = $250,000
Downpayment = %20
Interest Rate = %4
Total P & I ~ $955 Per month
Other housing ownership costs per month :
Home Insurance = $100
Flood Insurance = $100
Property Tax = $400
Maintenance = $200
Total other costs = $800 per month
Total Owner ship cost (Other plus P&I) = $1755 per month
I can rent in the same exact area, a nice 2 bedroom condo for $1200 per month.
Being realistic, I will only live there for 7 years so..
After 7 years Principal Paid = $27,881.06.
Total savings from renting for 7 years = $46,620
So... its basically going to cost me $18,738.94 to live in a house for 7 years. Not counting selling costs when I try to sell it (I wouldn't go through a realtor if I could).
Is there anything I'm missing with my math? Is this correct?
Btw, principal after 30 years for this = $200,000, savings from renting = $199,800. So if I did end up staying the full 30 years I'd make out the same for a better place.
#housing