I'm actually very excited about this discussion because I'm in the
middle of the process in trying to buy a house. I currently live in South
Florida and the house prices are ridiculous, for example my mom
bought a house a few years ago for $320,000, sold it for 420,000 2
years later and now the 1,399 sqft house is going for $516,000!
https://www.zillow.com/homes/321-N-70th-Ave-Hollywood,-FL-
33024_rb/43286937_zpid/to me this is outrageous! This is why I am
deciding to move to Texas in January because the cost of living and
housing market is cheaper.
Which brings me to the house I selected for this discussion. This New
Construction house in Houston, TX, 5 bedroom, 5 bathrooms, 3,300
sqft feet going for $489,900! Initially after paying 20% of the down
payment the loan amount would be $391,542.97 with an interest of
7.3% for a 30 year loan with a monthly payment of $3,364.61. The
total lifetime payment would be $691,140.64 with a total interest
paid at $295,864.54. For the same house with a 20 year loan and a
fixed rate of 7.02% my payments would go up to $3,804.07, the total
lifetime payment will be $607,286.24 with a total interest paid of
$211,575.30. Also if I decided to put a 30% down payment on the
same 20 year plan the interest would go down to 6.34%, the total
payment would be $3,606 and the lifetime payment would be
$575,788.52 with a total interest paid of $129,757.58.
https://www.zillow.com/homedetails/202-Ogilvie-St-Houston-TX-
77017/27956105_zpid/
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