Ah, the constant debate between renting and buying. If you’ve ever wondered what type of home you can afford with your crazy rent in DC, wonder no more. In this post, we’ve rounded up five homes in DC where — even with only 10% down — the monthly principal and interest payments are actually cheaper than the city’s median rent for a 2 bedroom apartment.
Here are the numbers behind the numbers:
■ Median rent for a 2BR in Washington D.C. is $2,920.
■ That covers monthly mortgage payments (principal and interest) on a home that
costs $711,000 with just 10% down (with no mortgage insurance)
■ Mortgage is a 7/1 ARM* at an interest rate of 3.62% (3.299%* APR)
At the time of writing, here are the homes that came up:
1225 N St. NW, Unit A (Logan Circle)
2 beds 1 bath / 784 sq. ft
Price: $555,000
Monthly mortgage: $2,277
Gorgeous crown molding, hardwood floors, stainless appliances, wood burning fireplace, private fenced rear patio, granite counter tops, and a one-year home warranty in the heart of Logan.
1531 27th St. NW (Georgetown)
2 beds / 1 bath / 624 sq. ft.
Price: $650,000
Monthly mortgage: $2,666
A charming Federal end-unit rowhome in East Village with fenced rear patio, landscaped property, skylight, fireplace, granite, fresh paint, all on a terrific street right near Georgetown.
1247 K St. SE (Capitol Hill)
3 beds / 2.5 baths / 1,020 sq. ft.
Price: $599,000
Monthly mortgage: $2,461
This adorable townhouse has tons of space, beautiful views, an upstairs patio, and brand-new everything.
1620 Corcoran St. NW, Unit E (Dupont Circle)
2 beds / 1 bath / 753 sq. ft.
Price: $549,000
Monthly mortgage: $2,252
A top-level condo with gorgeous moldings, a gourmet kitchen with custom appliances, cararra marble countertops, all right near the Metro, Whole Foods, and everything you want from Dupont.
1809 6th Street NW (Shaw)
2 beds / 2.5 bath / 775 sq. ft.
Price: $625,000
Monthly mortgage: $2,564
Here’s a jaw-dropping renovation of a three-level rowhome with a private rear yard. It has an open floorplan, chef’s kitchen, wood flooring, high-end finishes and great zoned street parking.
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This post is a sponsored collaboration between SoFi and Gothamist staff.
SoFi Lending Corp. NMLS # 1121636. Terms and conditions apply. See SoFi mortgage eligibility and licensing details here.
*Calculations on this page are for illustrative purposes only. Terms and conditions apply. Loans valid for purchase of an owner occupied, single family residence or second home. The 7/1 ARM SoFi rate listed is the lowest-available rate for a 10% down loan as of 11/11/2015. Not all borrowers will qualify. Annual Percentage Rate (APR) calculations assume $3,000 in APR-related closing costs considered prepaid finance charges on a loan amount of $600,000, which is about the average price of the 5 homes mentioned above. Rates and APRs assumes borrower has high earnings and excellent credit history. Higher rates, APRs, and monthly payments may apply. At the end of 84 months the interest rate and monthly payment for the 7/1 ARM adjusts. At adjustment the new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market (LIBOR) as published in The Wall Street Journal, plus a margin of 2.25% subject to annual and lifetime adjustment caps. Monthly payments include principal and mortgage interest, and exclude property tax, homeowners insurance, and homeowners association fees.
