What’s the cost of buying a home? Yes, this is a trick question. The obvious answer is the price you pay for it. If you find a house you like and pay $400,000...
An open house sign is displayed outside a house on Jan. 17 in Colleyville.The obvious answer is the price you pay for it. If you find a house you like and pay $400,000 cash to buy it, the cost is the price, $400,000. Long-term, buying for cash will probably work out well. The value of the house is likely to appreciate with inflation. The eventual sale will likely be a tax-free event.
That’s pretty intimidating. It’s also why many homeowners are in a rush to pay off their mortgage. “Think of all the money I’ll save,” they say.How can that be? The answer is what financial types call “the time value of money.” A dollar coming our way in 2040 isn’t as valuable to us as a dollar in our bank account this week.So how do you calculate the true cost of buying your home?
from the Texas Real Estate Research Center at Texas A&M University, median home prices in our major urban areas ranged upward from $300,000.Houston followed at $309,100 and Fort Worth at $319,600.As I write this, a qualified buyer with a good credit score and a 20% down payment could snag a mortgage rate as low asIf you buy a home for $300,000 with a $60,000 down payment, you’ll be borrowing $240,000 and have a monthly payment of $1,111.48, repaying $400,132.80 over 30 years.
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