Friday, July 1, 2011

Renting thoughts

So I am paying $700 a month for rent, utilities, and a pool of money to fix up the place. Say $600 of that is actually rent. (3 bedroom, shared living room, kitchen, bathroom, washer dryer)

I hopped on an amortization calculator today (google it), and tried to see how much I'd have to pay per month to own a home. For a $270,000 home at a 30 year mortgage (though I'd pay extra per month and make it a 15-20 year) it would cost about $1800 a month (plus taxes). But then you get to sell it for the cost (minus the interest paid). I wonder how much of that goes to interest and how much you pay in taxes. The house is bigger... and you could possibly lease it out... Interesting.

Homeowner's insurance
Sewer
tax
replacement of parts

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