Want to know the best way to Stop The Rent? Step 1 is to understand the real monthly and out-of-pocket cash costs to buy a home or condo in DC. Mortgage interest rates on conventional 30 year fixed rate mortgages are down around 3.9% this week from select banks for those with perfect credit putting 20% Down Payment into the loan. If you want to put less money down or $0 Down Payment into the loan, you’ll see a rate closer to or at around 5%.
Homes less than $2,000/month are down at the bottom of the page!
Interest rates this low, whether you’re putting down 20% or not, result in a very reasonable monthly mortgage payment. You’ll be locking down an interest rate on a 30 year fixed rate loan, so your mortgage payment will not be going up due to interest rates for as long as the mortgage is live.
If you keep your home purchase in DC to $265,000 or less, your monthly mortgage payment will most likely be under $2,000/month. On an FHA loan with 3.5% Down Payment, your $265,000 mortgage will result in a $1,931.28 monthly mortgage payment. That includes property taxes, homeowner’s insurance and property mortgage insurance (PMI). If you’re buying a home without a condo fee, then you’re looking at reasonably accurate housing budget.
This was a loose explanation of mortgage payment levels. To get a more accurate picture of the true monthly costs of buying a home, attend one of our Free Home Buyer Workshops held in DC & Maryland.
Or, get help online. We are full-time real estate agents and happy to share guidance and advice to you by phone or in-person privately. We are great with financing – use our Pre-Loan Estimate system to get a real simulation of your purchasing power using local lending rates.
Not ready to sit down with a real estate agent yet? We have free group Home Buyer Workshops twice a week, every week. Here’s the schedule: