But if you're ready for homeownership, the long-term benefit of buying often outweighs the pain of toughing out the search - even these days.
Let's say you can afford $1,800 per month in principal and interest. At a 3% interest rate, you could afford to borrow $426,900. But at a 7% interest rate, you could afford to borrow only $270,600. Why? Because you'd pay a full $156,300 more in mortgage interest with the higher rate.
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