Where can you live for $2,000 a month?
Buy a $530,000 home with this mortgage payment
We pored over for-sale listings in eight major cities to find stylish homes where you could live for a mortgage payment of $2,000 per month. That means we looked at homes that are on the market for about $530,000.
How'd we get there?
We figured the typical buyer would make a down payment of 20% — $106,000 in this case — and finance the remaining $424,000. If you borrowed the rest with a 30-year, fixed-rate loan at today's average mortgage rate of 3.62%, the monthly payment would be about $1,932.
We left some wiggle room for slightly more expensive homes. But that payment only covers principal and interest. We're not looking at property taxes, insurance costs or condo association fees. Still, this should give you a good idea of how much home you can purchase if $2,000 is the monthly payment you can afford.
These houses are no shabby shacks. Check out these chic abodes across the nation.