Too many tenants don’t realize that they can become homeowners and pay roughly what they now pay in rent. Sure, you may have to sacrifice as you save for the down payment, but ditching the landlord will make it all worth it in the end.
We found three homes in Billings that, with a 20 percent down-payment on a 30-year fixed rate loan at a 3.974 percent APR, you can own for less than $1,000 a month. We had to make some assumptions about taxes and insurance, so your “mileage’ may vary, but not by much.
$715 a month
You’ll get a lot of house for the money with this 1,866 square-foot bungalow. It offers 3 bedrooms and 1 bathroom plus a mud room. The plumbing, heating and wiring have all been updated in this 1912 charmer. You can walk to downtown from here! This home is listed at $155,000. See photos of it here.
$755 a month
Why continue building your landlord’s equity when you can build your own with this adorable, centrally located 2-bedroom, 1-bathroom home with an office and mudroom. Offering 842 square feet of living space it’s ideal for singles, couples and small families. Built in 1950, it offers a wood deck in back, along with a shed and a big, grassy, fenced-in backyard. This home is located in West View subdivision and it’s listed at $165,000. See photos of this home, here.
$898 a month
This house is so cute and it’s got curb appeal like you wouldn’t believe. Ranch-style, it was built in the 1950s and there IS hardwood flooring under the carpet! And. . .get this. . .a dry sauna in the basement. The garage is attached and the yard has irrigation.
Inside you’ll find 3 bedrooms, 2 bathrooms and a roomy 2,024 square feet of living space. This home is located in west Billings, it’s listed at $199,900 and you can check it out here.
The real estate market is moving quickly, so we can’t guarantee these homes will still be available even an hour from now, but we wanted to give you some examples of just how much house you can buy with a substantial down payment. We aren’t mortgage specialists and we urge you to speak with one, but with a higher down payment than you’d use on an FHA or VA loan, your payments will be substantially smaller and it just doesn’t make sense to rent any longer.