Well, the house is sold, and I'm here for two more days trying to get everything organized for the move on the 29th. These are the REAL boxing days for me. I wanted to get out today to pick up some more empty boxes - the ones from the liquor store are the best - but it's pouring rain and I prefer to putter around the house amongst my clutter. Putter with my clutter, ha. I heard thunder about an hour ago, which is just crazy for this time of year.
I wanted to post the figures that the real estate agent was using to sell the house. This stuff blew my mind really. Her calculations said that a 20% down payment would generate a mortgage payment of $560 a month. How incredibly inexpensive. I was paying $900 a month for rent, but like I mentioned before, I didn't have to pay property taxes or any maintenance costs. However I did have to spend a lot of my time looking after the lot: mowing the 200 foot lawn in the backyard, and shoveling the ice/snow at the end of the driveway. I will not miss having to do that.
Anyways, here's the chart:
The agent had the utilities listed at $50 per month which only made me LOL, and I changed it to $250, which is more realistic. So the Annual Income Required figures should probably be increased a little.
Since I am working part-time while Bean is little, my salary is under $30 000. This chart showed me that, without a down payment, I would have to be making a minimum of $40 000 a year to be able to afford a house. It's hard to believe that I managed to keep up for almost eighteen months on my little bit of earnings. It's something of which I am quite proud.