I am 22. Currently I'm renting an apartment for $565 by myself for per month. I have 30k between savings and checking accounts which includes 6 months living expenses. I make between 40k-43k per year (about 2200 per month after taxes). The house I'm looking at costs 95k which will be 19k for 20% down payment and estimating about 4k for closing costs for a total of 23k out of pocket. The mortgage (including taxes and insurance) would be about $530 for a 30 year fixed rate or about $700 for a 15 year fixed rate. Interest would be 54k on 30 year fixed or 19k on 15 year fixed rate. Should I keep renting?
Read more: If I plan to stay at the same area for 15+ years, is buying a house FINANCIALLY better than renting?
