Should I Buy or Rent?
June 29, 2009 by admin
Filed under Buyers, Real Estate, Rentals
You are wondering whether to buy or rent? Well let’s take a look at some numbers. Some people are visual. So here we go.
- Purchase Price $250,000
- Mortgage 5% for 30 yr $241,250
- Monthly payment (P&I) $1,295.08
- Plus 1/12 annual tax and insurance $450.00
- Total Payment $1,745.08
- Less onthly tax savings $332.95
- Less monthly appreciation $625.00
- Less monthly principal reduction $296.61
- Net cost of owning $490.52
- Monthly rent for comparison $1600.00
- Less cost of owning $490.52
- Monthly cost of renting vs. own $1,109.48
- Annual cost of renting vs owning $13,313.75
So now you can see how much of a differences there is between renting vs owning. Plus now you have the Tax Credit to help you out with down payment.
Jeannette Neerpat
9000 Sheridan Street
Pembroke Pines, Fl 33024
www.Neerpat.com
Would you like a Free Market Analysis? Visit www.Neerpat.com or call 954-993-4104.
