<prompt> Human: I have been paying 1700 a month for rent for the past 2 years NYC Metro Area but I feel like I will never be able to afford a house because I dont have 50K to put down on a 260k house. If I put down just 5 13k my monthly payment goes up just 200 a month and is still 500 less a month than I have paid for the past 2 years!I dont get it!  <response>: Other people will be able to provide more details, but you are missing a lot of figures. Firstly, if you only put down 5 you will need PMI Mortgage Insurance that would be another 260mo. Then theres taxes and Homeowners Insurance. Beyond these static numbers are all of the other expenses that come with ownership, that you dont currently need to worry about.We recently bought and every month I find myself wondering if we didnt rush into with logic similar to your. If you are serious about owning, start researching and make sure you have a better understanding of ALL of the costs associated with home ownership.Good luck and dont despair. If you tighten up you budget and focus, you can definitely save up a down payment. 