Now's the Time!
| Rent | Own | |
| Purchase Price | $ 94,900.00 | |
| Down Payment (3.0%) | $ 2,850.00 | |
| Amount Financed | $ 92,050.00 | |
| Monthly Principle and Interest Payment | $ 487.50 | |
| Estimated Monthly Real Estate Taxes (Based on 2009 property taxes) |
$ 150.00 | |
| Current Monthly Condo & Parking Fees |
$ 125.00 | |
| Monthly Payment Before Tax Savings | $ 750.00 | $ 762.50 |
| x 60 months | ||
| Total 5 Year Payments | $45,000.00 | $ 45,750.00 |
| Down Payment | $0.00 | $ 2,850.00 |
| Out-of-Pocket Cost | $45,000.00 | $ 48,600.00 |
| Principle Reduction | $ 0.00 | $ 7,675.00 |
| Tax Deductions | $ 0.00 | $ 6,112.00 |
| First-time Homebuyer Tax Credit | $ 0.00 | $ 8,000.00 |
| True Cost of Renting vs. Owning | $ 45,000.00 | $ 26,813.00 |
Bottom Line: Save $18,180 over the next 5 years by owning versus renting
Savings do NOT include any appreciation in the value of the condominium
Details of Calculations Above
Assumes 4.875% interest rate locked for 5 years with a 30 year loan/amortization and that buyer is in a 20% federal income tax bracket. To calculate more exact income tax savings, multiply interest paid plus property taxes paid of $30,560 over 5 years by the buyer's income tax bracket percentage.
Calculations above based on a loan program where seller bought the interest rate down 0.5% for $1,725. Actual current rate is 5.375%. This program requires a 3.0% down payment but does not require private mortgage insurance. See one of our agents today to learn more!
Hurry! Prices and rates subject to change.
| Rent | Own | |
| Purchase Price | $ 114,900.00 | |
| Down Payment (3.0%) | $ 3,450.00 | |
| Amount Financed | $ 111,450.00 | |
| Monthly Principle and Interest Payment | $ 590.00 | |
| Estimated Monthly Real Estate Taxes (Based on 2009 property taxes) |
$ 200.00 | |
| Current Monthly Condo & Parking Fees |
$ 145.00 | |
| Monthly Payment Before Tax Savings | $ 900.00 | $ 935.00 |
| x 60 months | ||
| Total 5 Year Payments | $54,000.00 | $ 56,100.00 |
| Down Payment | $0.00 | $ 3,450.00 |
| Out-of-Pocket Cost | $54,000.00 | $ 59,550.00 |
| Principle Reduction | $ 0.00 | $ 9,300.00 |
| Tax Deductions | $ 0.00 | $ 7,600.00 |
| First-time Homebuyer Tax Credit | $ 0.00 | $ 8,000.00 |
| True Cost of Renting vs. Owning | $ 54,000.00 | $ 34,650.00 |
Bottom Line: Save $19,350 over the next 5 years by owning versus renting
Savings do NOT include any appreciation in the value of the condominium
Details of Calculations Above
Assumes 4.875% interest rate locked for 5 years with a 30 year loan/amortization and that buyer is in a 20% federal income tax bracket. To calculate more exact income tax savings, multiply interest paid plus property taxes paid of $36,000 over 5 years by the buyer's income tax bracket percentage.
Calculations above based on a loan program where seller bought the interest rate down 0.5% for $1,725. Actual current rate is 5.375%. This program requires a 3.0% down payment but does not require private mortgage insurance. See one of our agents today to learn more!
Hurry! Prices and rates subject to change.
| Rent | Own | |
| Purchase Price | $ 64,900.00 | |
| Down Payment (3.5%) | $ 2,272.00 | |
| Amount Financed | $ 62,628.00 | |
| Monthly Principle, Interest, & PMI Payment | $ 374.00 | |
| Estimated Monthly Real Estate Taxes (Based on 2009 property taxes) |
$ 120.00 | |
| Current Monthly Condo & Parking Fees |
$ 152.00 | |
| Monthly Payment Before Tax Savings | $ 650.00 | $ 646.00 |
| x 60 months | ||
| Total 5 Year Payments | $39,000.00 | $ 38,760.00 |
| Down Payment | $0.00 | $ 2,272.00 |
| Out-of-Pocket Cost | $39,000.00 | $ 41,032.00 |
| Principle Reduction | $ 0.00 | $ 4,915.00 |
| Tax Deductions | $ 0.00 | $ 4,607.00 |
| First-time Homebuyer Tax Credit | $ 0.00 | $ 6,490.00 |
| True Cost of Renting vs. Owning | $ 39,000.00 | $ 25,020.00 |
Bottom Line: Save $13,980 over the next 5 years by owning versus renting
Savings do NOT include any appreciation in the value of the condominium
Details of Calculations Above
Assumes 5.25% fixed interest rate with a 30 year loan/amortization and that buyer is in a 20% federal income tax bracket. To calculate more exact income tax savings, multiply interest paid plus property taxes paid of $23,035 over 5 years by the buyer's income tax bracket percentage.
Calculations above based on a loan program that requires a 3.5% down payment. See one of our agents today to learn more!
Hurry! Prices and rates subject to change.
| Rent | Own | |
| Purchase Price | $ 84,900.00 | |
| Down Payment (3.5%) | $ 2,972.00 | |
| Amount Financed | $ 81,930.00 | |
| Monthly Principle, Interest, & PMI Payment | $ 490.00 | |
| Estimated Monthly Real Estate Taxes (Based on 2009 property taxes) |
$ 150.00 | |
| Current Monthly Condo & Parking Fees |
$ 175.00 | |
| Monthly Payment Before Tax Savings | $ 800.00 | $ 815.00 |
| x 60 months | ||
| Total 5 Year Payments | $48,000.00 | $ 48,900.00 |
| Down Payment | $0.00 | $ 2,972.00 |
| Out-of-Pocket Cost | $48,000.00 | $ 51,872.00 |
| Principle Reduction | $ 0.00 | $ 6,430.00 |
| Tax Deductions | $ 0.00 | $ 5,940.00 |
| First-time Homebuyer Tax Credit | $ 0.00 | $ 8,000.00 |
| True Cost of Renting vs. Owning | $ 48,000.00 | $ 31,502.00 |
Bottom Line: Save $16,498 over the next 5 years by owning versus renting
Savings do NOT include any appreciation in the value of the condominium
Details of Calculations Above
Assumes 5.25% fixed interest rate with a 30 year loan/amortization and that buyer is in a 20% federal income tax bracket. To calculate more exact income tax savings, multiply interest paid plus property taxes paid of $25,000 over 5 years by the buyer's income tax bracket percentage.
Calculations above based on a loan program that requires a 3.5% down payment. See one of our agents today to learn more!
Hurry! Prices and rates subject to change.
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Mary Byrd Mortgage Banking Officer Website |
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