# Buying a house

**URL:** <https://forums.speedlife.net/t/buying-a-house/266367>\
**Category:** Shift518 Off Topic\
**Created:** [March 3, 2013, 7:26pm UTC](https://forums.speedlife.net/t/buying-a-house/266367 "2013-03-03T19:26:55Z")\
**Posts on this page:** 1\
**Showing post:** 34

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**Author:** ![usmc2801](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/usmc2801/32/6387_2.png) [@usmc2801](https://forums.speedlife.net/u/usmc2801)\
**Post date:** [March 4, 2013, 9:49am UTC](https://forums.speedlife.net/t/buying-a-house/266367/34 "2013-03-04T09:49:38Z")

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> [@New car advice...](https://forums.speedlife.net/t/new-car-advice/51891/17):
>
> What is a typical down payment on a house and how long can a sub $100k house be financed for? I’m going to look into buying a house next year if possible but don’t want to spend more than $75k.  
> I don’t mind buying one in Schenectady. Houses can be pretty cheap there and I don’t want a huge house since its just me.
> 
> I’d much rather own than pay rent, especially if the costs are similar.

It can be anywhere from 0-20% for the most part, on average you are looking at 10% of the house value, obviously the more you put down the lower your payments. And like it was stated earlier you also have to pay closing costs. And if you don’t mind buying in Schenectady be ready to throw down another $5-7K for closing.

General rule of thumb for what you can afford as a mortgage is usually 3 times your annual income.

I’m not a realtor or anything so I can’t give exacts, however I did take a Real World Math course last semester where we spent a lot of time on mortgages and house buying.

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