Paying Median Rent? That's More Than A Mortgage On These 5 Homes
By Sponsor in Arts & Entertainment on Nov 13, 2015 6:00AM
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 Chicago, wonder no more. In this post, we've rounded up five homes in Chicago 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 Chicago is $2,610.
■ That covers monthly mortgage payments (principal and interest) on a home that costs $633,000 with just 10% down (with no mortgage insurance)
■ Mortgage is a 7/1 ARM* at an interest rate of 3.62% (3.305%* APR)
At the time of writing, here are the homes that came up:
664 N Peoria St, Unit 4N (West Town)
3 beds / 2 baths / 2,300 sq. ft.
Price: $579,000
Monthly mortgage: $2,375
A gorgeous West Town townhouse with huge windows, a wood-burning fireplace, a new chef's kitchen, and a private double-decker deck.
2247 W Wabansia Ave #104 (Wicker Park)
2 beds / 2 baths / 1,450 sq. ft.
Price: $484,000
Monthly mortgage: $1,989
This condo on a historic tree-lined street has a private balcony, luxurious bathroom, and a kitchen that has no place in a city apartment.
1355 S Indiana Parkway #1355 (Museum Park)
3 beds / 3 baths / 2,000 sq. ft.
Price: $545,000
Monthly mortgage: $2,235
A beautiful brick townhouse in Museum Park with Brazilian cherry floors, a wood-burning fireplace, a proper master suite, city views and an attached garage.
1811 N Orleans St, Unit GN (Old Town Triangle)
3 beds / 2.5 baths / 1,700 sq. ft.
Price: $519,000
Monthly mortgage: $2,128
This vintage building in the Old Town Triangle has all the appliances in a great kitchen, a wood-burning fireplace, a master bedroom with Jacuzzi, and there's in-unit laundry and an attached garage.
2230 N Kenmore Ave #3 (Lincoln Park)
3 beds / 2 baths / 1,700 sq. ft.
Price: $519,000
Monthly mortgage: $2,128
A condo in Lincoln Park with an eat-in kitchen and skylight, a dining area, huge windows, in-unit laundry and a covered parking space.
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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.