Still Riding the Rental-Go- Round?
Renting a place to live may be a convenient and necessary expense, but this chart from Bank of America shows how quickly rent payments add up.
Monthly rent 3 years 10 years 15 years 30 years
$400 $14,400 $48,000 $72,000 $144,000
$500 $18,000 $60,000 $90,000 $180,000
$600 $21,600 $72,000 $18,000 $216,000
$700 $25,200 $84,000 $126,000 $252,000
$800 $28,800 $96,000 $144,000 $288,000
$900 $32,400 $108,000 $162,000 $324,000
$1,000 $36,000 $120,000 $180,000 $360,000
$1,200 $43,200 $144,000 $216,000 $432,000
$1,500 $54,000 $180,000 $270,000 $540,000
$1,700 $61,200 $204,000 $306,000 $612,000
Bank of America recommends checking with a real estate agent or bank executive to discuss home-loan details, and points out that monthly mortgage payments are often not much more than rent.
$400 $14,400 $48,000 $72,000 $144,000
$500 $18,000 $60,000 $90,000 $180,000
$600 $21,600 $72,000 $18,000 $216,000
$700 $25,200 $84,000 $126,000 $252,000
$800 $28,800 $96,000 $144,000 $288,000
$900 $32,400 $108,000 $162,000 $324,000
$1,000 $36,000 $120,000 $180,000 $360,000
$1,200 $43,200 $144,000 $216,000 $432,000
$1,500 $54,000 $180,000 $270,000 $540,000
$1,700 $61,200 $204,000 $306,000 $612,000
Bank of America recommends checking with a real estate agent or bank executive to discuss home-loan details, and points out that monthly mortgage payments are often not much more than rent.
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