Should I Rent or Buy a Home in Livermore, CA?

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February 10, 2012 by Karen Crowson in Buyers

In this example, let’s consider a detached 3 bedroom, 2 bath, 1500 sq. ft. home, with a lot size less than 10,000. The average monthly rent for homes of this size (based on the past 120 days) is $2265. Depending upon the neighborhood, that same home size might rent for $2500 or more.

The average price to purchase a house of that size is $363,000. Using the example of 20% down, what does that look like in terms of a monthly morgtage?

363000
72600  20% down payment
290400  conventional loan amount

$1743.69 monthly mortgage amount (includes principal, interest and taxes) based on 3.875%*. So, less than your rent would be. (*Based on 30 year fixed rate as of 2/9/12, .05% insurance and 1.25% for taxes) (more…)