How to Keep Your Mortgage Payment Under $1000 a Month
Wouldn’t it be great to be able to keep your mortgage payment under a $1000 a month? Sound like wishful thinking or an illusion? Not really.
First of all you need to find out how much money costs these days. The cost of money (interest rate) will determine the price range you need to focus on to get a place to live for under a $1000 a month. As you can see by the chart below, the price of money has dramatically changed throughout the years. In fact, money is on sale now for a bargain.
What Price Home Should You Look at to Keep Your Mortgage Under a $1000 a Month?
Based on a 4.16% interest rate (principal and interest only) the magic number would be a home with a price tag of $203,500. Are those kind of homes out there? You bet they are.
Did you know in the past couple of months about 50% of all homes being sold in St. Louis City and County were under $200,000?
That’s a lot of homes with a lot of people buying them that were probably fed up with helping their landlord pay his mortgage … and decided to start paying their own mortgage!
Where Are the Homes for Sale That Would Keep My Mortgage Around a $1000 a Month?
As you search our site for listings be sure to take advantage of the built-in mortgage calculator that appears at the bottom of each listing.
Just click the Mortgage Calculator link to play with the numbers and what your payment would be. Call us if you have any questions at 636-532-4200. We love working with Buyers!