Breaking down home costs by city from @thenetwork.realestate
The creators, a man and a woman, walk through a suburban neighborhood while breaking down the costs of owning a home in Walnut, California. They sequentially present key financial figures using text overlays and B-roll footage of local houses, starting with the median home price, then calculating a 5% down payment, the total loan amount, the monthly mortgage payment at a 6% interest rate, and finally adding estimated monthly costs for property taxes, home insurance, and PMI.
Creator: @thenetwork.realestate on Instagram
Transcript
How much do you need to earn to own a home in one of LA's hidden gems, Walnut, California? Let's run the numbers. Walnut has a medium home price of 1,100,000.0. Let's say you put about 5% down. That's 55,000 upfront, leaving you with a loan of about $1,045,000. With an interest rate of about 6%, your monthly payment comes down to around $6,260 on a thirty year loan. Property taxes, you're looking about a 1 a month. Home insurance, roughly about a month. And PMI will cost you about a month. All i
Topics: Real Estate
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