Profile picture for dawgsgurl2008

what does it mean when it says the homes price and the monthly payment?

im looking into renting a small house or apartment anything to be on my own. i need it to be cheap but nice because im working two jobs and dont have alot of money. if you know of anything please help.
  • June 30 2010 - Tifton
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Answers (5)

Did you find a place? I can help with your search.
  • August 23 2010
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Profile picture for wetdawgs
If you are looking at homes listed for sale on Zillow, the "monthly payment" is assuming a 20% down payment and obtaining a mortgage.

Instead, you need to be looking at houses for rent.  
  • July 01 2010
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Profile picture for hpvanc
Actually if you are looking to rent and looking at /Mo values on the ad, that is the advertised rent.  I misspoke.
  • July 01 2010
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Profile picture for hpvanc
It is also based on the conventional standard of 20% so if you don't have savings to make a down payment equal to 20% of the price, the interest and principle portion of your monthly payment will be higher than estimated.  That will be in addition to escrow impound for taxes and insurance that Deborah mentioned increasing the cost.
  • June 30 2010
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Profile picture for Debbie Holmes
The monthly payment is principal and interest on a purchase.  It does not count taxes or insurance.
  • June 30 2010
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