Through the years, your rent payments add up fast.
Why rent, when you may be able to buy your own home?
For example, if you pay close to $1,200 a month for rent, you are actually paying $432,000 over the course of 30 years. Which, in some areas, is the amount of a decent size home. If you pay $1,700 a month you are actually paying a total of $612,000 over the course of 30 years. 30 years is the average amount of time one takes out a loan for.
You can calculate this with any kind of rent payment. In my example I will use the rent payment of $1,000. Please follow these steps…
Take your rent payment….$1,000 Multiply it by 12, for the 12 months in a year which equals $12,000. This is how much you pay per year in rent!!! Multiply your yearly rent ($12,000) by 30, for the course of 30 years which equals $360,000. Now you have how much you would be paying for rent over the course of 30 years.
Why pay rent when you could possibly own a home for the same amount of money? When you rent, your money goes straight to the renting office and you will never see it again. When you own and pay monthly payments on your mortgage, you KEEP that money in your equity. So not only are you owning your home, you are making and earning money on your growing investment. Begin to enjoy the personal and practical benefits of being a homeowner. Get more information on the affordable loan programs that enable renters to become homeowners.