Could You Swing a $373/month Mortgage Payment on a Brand New Tiny Home?

Rising Housing Costs and the Appeal of Tiny Homes

These days, house prices tend to be quite high, and many people are in debt which makes it harder to afford to buy a home. When it comes to buying a home, size is also everything, so a larger home may not be affordable to everyone, but there are other options to look at. If you can't afford a $1,000 plus mortgage payment may be a $373 per month payment would be easier to maintain. The good news is, there are tiny houses on wheels that may be a good option for housing. Tiny houses on wheels are smaller homes build on heavy duty trailers, usually within the 100 square foot to 400 square foot range. Some tiny houses on wheels are larger, but the ones that are easily transportable are within the highway regulated guidelines which means the tiny house couldn't be more than 8.5 feet wide, 13.6 feet tall and usually up to 30 feet long.

Financing a Tiny Home: Costs and Options

For an average sized tiny house on wheels from Tumbleweed Tiny House Company, it costs $71,696 with a monthly payment plan of $373.57 with 6% interest over 25 years with a 20% down payment. Of course, just like any loan, the rate will be based on the customer's credit history and other factors like income, current employment and so on. There is also a $779 D&H charge and delivery charges would be extra. You can find out if you qualify for this tiny house loan by filling out a form on the Tumbleweed Tiny House Company website. Then, you could move forward in creating your tiny house floor plan. This particular tiny house floor plan is one that could be created again through Tumbleweed Tiny House Company, and it is 20 feet long with 159 square feet on the main floor and 73 square feet in the loft space which can comfortably sleep, two people. The tiny house is RVIA certified which makes it easier to get a mortgage or a loan on for easy financing, and it's also TRA Green Certified. They also have a 1-year manufacturer warranty and a 9 year extended warranty that's available which would be added onto your monthly payments or could be paid for upfront.

Features and Specifications of the Tiny Home

The total weight of the tiny house is about 9,500 pounds, and it can be towed using a 1-ton truck. For this particular tiny house and for most of the tiny house from the Tumbleweed Tiny House Company they use Sealed Cedar Clapboard, there's a black wood door and windows with black cladding. A black roof which can be upgraded for $4,379. It comes with the wood tongue and groove panelling on the interior as well making it look nice and cozy, as well as the kitchen cabinets installed. There is also a kitchen appliance package including a small fridge, built-in cooktop, sink, and a space for a convection oven. The bathroom includes Travelling RV facilities and 3-inch sewer hookups. The package also comes with 50A Electric. Additional items that can be added on include the Air Conditioner for $2,379, a custom out-swing door for $979, and a Washer/Dryer Hookup. If you're just curious in getting a price or to see what financing on a tiny house would be, simply fill out their form and you can find that out. A tiny house would be a great option for those seeking affordable housing or for those who want an extra livable space on their property to rent out or to use as a guest house. They can also work great to house other family members and friends in times of need. When you're looking at all you get for only $373 per month, a tiny house seems like a pretty desirable option when it comes to home ownership.