RENT VS BUY CHART

Below is a snapshot of what a monthly mortgage would be for the indicated home prices including the principal and interest based on the current 4.5% interest rate.

You also need to figure in your taxes and insurance to your monthly payment. Taxes are roughly 2% of the purchase price and insurance depends on where you are (review the new flood zone areas) and how much insurance you want for your contents. As a general guideline add in about ½ of the mortgage payment to cover taxes and insurance. For your total monthly housing cost, guesstimate your utilities and add that number in. It is always best to figure worst case scenario and be pleasantly surprised at the real numbers!