August 4, 2008
Why you should buy a home near a transit line
Last week the Seattle PI reported that people who give up a car and ride the bus can save up to $8,400 a year. That’s $700 a month!
That’s a lot of cash – it’s the difference between affording payments on a $300,000 home and a $400,000 home. The handy Estately mortgage calculator, given a 30 year loan with $60,000 down and 6.31% interest shows:
- Payments of $1,487 a month on a $300,000 home (example home here)
- Payments of $2,101 a month on a $400,000 home (like this one).
The result: You could ditch one of your cars, go from a $300,000 to a $400,000 home and still have $75 a month left over every month.
Disclaimer: we didn’t include all of the fees and, heck, you might not even qualify for a loan. Don’t sue us if you end up paying more.
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