Hey aspiring homeowners!
Ever wondered about the real monthly cost of owning a $400k home? Let's break it down! Remember, these are national averages and might vary based on your location and provider. This is NOT formal financial advice.
🔍 With a 5% down payment, that's $20,000 upfront.
On a 30-year mortgage at a 7% interest rate, your principal and interest would be around $2,661.37.
Other monthly costs to factor in:
• Property tax: Approximately $250
• Homeowner's insurance: Roughly $125
• Private Mortgage Insurance (required under 20% down): Around $100 with a credit score of 740.
So, to snag that $400k dream home, your estimated monthly cost would be about $3,136.37. Note: Rates can change, so adjust these figures accordingly if you're watching this later!
Curious about homeownership expenses? Stay informed and make the right financial moves! 📊🏠
Ready to delve deeper into the true costs of homeownership?
William A Ledesma, Sir Loan Officer
Let's connect and navigate your path to owning that dream home!
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