When you're just starting your career, renting a house or apartment can seem like the only affordable option.
But is that really true?
In August 2019, a study found that the average rental costs in Austin had soared to $1,350.00 a month. Compare that to the average Austin mortgage payment - $1,126.00 per Zillow Research data - and you might actually find a modest home or condo to be more affordable than a modest apartment.
Of course, a lot more goes into buying a home than just the monthly payments. That's why there's no better time than today to meet with an Amplify loan officer. Whether you're just starting to think about buying a home or have been browsing listings for months, our team will work with you to ensure that your finances are in order.
Above all, they'll help you make a smooth transition from renting to owning.
This calculator is for illustrative purposes only and based on information provided by the user. Accuracy is not guaranteed. All loans are subject to approval. Your actual rate, terms and fees may vary. Your Monthly Payment calculations reflect only principal and interest, and amounts for taxes and insurance, if applicable, may increase your actual payment.
The interest rate displayed is for informational purposes only, and is subject to change without notice. APR is the Annual Percentage Rate based on excellent credit (740+). Your actual rate may vary based on your factors.
The rates provided assume the purpose of the loan is to purchase a property, with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in zip code 78732. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 740.
A mortgage of $125,000 for 30 years at 3.87% APR requires a P&I payment of $587.80 per month. Taxes and insurance for escrow payment are not included; your actual payment obligation will be higher. Assumes closing costs paid out of pocket and tax and insurance escrow account created. All rates and programs subject to loan underwriting and approval and may be subject to change depending on individual credit profile and other qualifications
** Amplify’s performance record for closing real estate loans starting from loan application (assuming a completed loan package has been submitted, including an executed purchase contract, if needed) to loan closing. Events outside of Amplify’s control, including but not limited to; appraised values, escrow or title delays, or weather-related issues may prolong the process. Your experience may vary.