Well, I think I’ve finally lost it. In the interests of saving a whole chunk of change in taxes, and to ride out the economy, I’m going to be buying a house in the QC area.
Yeah, I hate the Quad Cities, but this is about saving money, my friend. Since Becky is moving out to go to seminary soon, I realized my rent would shoot up to $575 a month. Gross. After a few preliminary calculations, I found that if I can get a 30 year mortgage on 70k, my monthly payments would end up being $400 - less than my car payments. Furthermore, after figuring in tax savings due to interest and property taxes being deductible, the adjusted monthly cost is about $290! That’s practically free!
Well, at least that’s the theory. I could further knock off $45 by going for a 60k house. But that just shows I have some range. The bank says I can get $80k, which should be more than enough for a pretty good house in this crappy area. ^_^