I hear mortgage rates are going up. What’s a loan going to cost me?
Once you find a place, you’ll have to sit down with a mortgage broker or lender and work out the details of your loan. (You can do some reading up first at bankrate.com , which is a pretty neutral site.)
But as a rule of thumb, estimate that money will cost you $650 a month per $100,000 borrowed: A $200,000 mortgage will result in $1,300 a month payments, a $300,000 mortgage will cost $1,950 a month.
This back-of-the-envelope math is going to turn out to be surprisingly close.