5 ms·
Mortgage is the minimum amount you'll pay for housing, where-as rent is the maximum. You need to factor in mortgage payment + PMI + property tax + home insuranc
by putnambr 5y ago
Mortgage is the minimum amount you'll pay for housing, where-as rent is the maximum. You need to factor in mortgage payment + PMI + property tax + home insurance + repairs. With 5% down, NerdWallet estimates that at $5,281.
- nostromo 5y agoI agree for the most part, but I wouldn't recommend anyone buy a house without 20% down. PMI is not a good deal for the homeowner and should be avoided.
- psadauskas 5y agoI bought my first house with a tiny down payment, and PMI. Then after about 5 years the value of my home had gone up enough (Denver area) that I had enough equity I was above 20% and I refinanced so the PMI went away.