Affordability versus Home Price

A buyer needs to determine what they can afford to spend on a monthly basis versus deciding what price home they want to purchase. San Antonio home values are very stabile in comparison to the rest of the Nation. At the time this page was written there was over 11,000 homes for sale in San Antonio with between 8-10 percent being sold every month. Additionally, over 1,600 homes for rent in San Antonio with approximately 50 percent being rented monthly.

So do you wait and continue renting or do you purchase now before interest rates go up? Let's look at an example:

If you can ONLY afford a monthly principle plus interest payment of $537, at 5% with a 30 year fixed mortgage you could afford a $100,000 home. If next week the interest rate went up by 0.25% (5.25%) and the following week it went up another 0.25% (5.5%); the value of the house you could purchase would decrease to $97,214 and then to $94,546, respectively.

Complete the information below to see how interest rates affect your monthly payments and the value of the house.

 

 

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