Does a 90k home equals $400-$650 a month?

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  • Does a 90k home equals $400-$650 a month?


Answer #1 | 02/01 2014 11:48
When you buy a house you have to consider property taxes and insurance as while as mortgage payments. Taxes vary based on houses and location, they generally put the last years taxes on the mls listing of houses divide that by 12 and you get your monthly tax bill. To estimate insurance divide the house price by 1000 then times that by 3.5 and then divide by 12 to get your monthly insurance cost. Then you can use an online calculator and find that the mortgage payment will be around $445 on a 90k house if you have good credit! Mortgage depends on your interest rate of course! So to the $445 you have to add X for insurance and X for taxes then you get the true monthly housing cost. Where I live we can get a house for less than rent, just depends on what kind of house your willing to settle on, and how much work you will do.

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