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Downtown Madison Condos for Under $200K?

January 23, 2009

I think that throught past few years the perception of the downtown housing market is that it’s completely out of reach of many “first time” buyers or those wishing to lower their monthly mortgage payment and choose the vibrant lifestyle of downtown living.  Fear not. 

The upside of this housing market is that the skyrocketing prices of downtown living have leveled off and there’s even some opportunity for great choices for under $200K in this market.  What would that look like on a monthly expense basis?  Let’s run the numbers:

Purchase Price:  $199,000

Interest Rate:  5.125%

Downpayment: 5% ($9950)

Monthly Principal and Interest Payment: $1305

What types of condos would fall into this category?  Here’s a search of all downtown condos under $200K.  As of this post there were 20 that fit this category.

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