5 ms·
I think you need to look at it from monthly -> house price and not the other way around. If your budget / purchasing power is $1000 /m then your house budget i
by JacobDotVI 6y ago
I think you need to look at it from monthly -> house price and not the other way around. If your budget / purchasing power is $1000 /m then your house budget is roughly as follows:
$190,000 @ 5% interest
$210,000 @ 4% interest
$235,000 @ 3% interest
$275,000 @ 2% interest
$310,000 @ 1% interest
[Note - not exact numbers; 30yr mortgage; mortgage calculator.org via guessing numbers until the monthly was close enough to $1k]
- betaby 6y agoThat's _the_same_ house costs 190k if interest is 5% and 310k if interest is 1%. Supply is not flexible at all, especially in the desirable place. Basically hosing prices determined by the maximal mortgage amount, not the house property.