Interesting part about this calculator about extra monthly cost of ownership that AN pointed out.
However,
The calculator has the following flaws if used that way:
1. It computes the tax savings on the amount you enter for mortgage and taxes (If you included principal it is not accurate)
2. What about insurance ? Which is another 60-100 per month).
If you adjust for these AN might be only spending 300-400 less by renting. Still a good deal IMO.
Couldnt tell if it included the Debt Relief Act in it? I think this act runs through 2009. Getting a 1099 for the unpaid portion would not be a fun thing. Cant BK on Uncle Sam.
Cool I should walk away from my home after another 20% drop..
Something fishy about this calculator. Doesn't take into account lost income on principle.
Cool, I'm spending $650/month less than renting.
Interesting part about this calculator about extra monthly cost of ownership that AN pointed out.
However,
The calculator has the following flaws if used that way:
1. It computes the tax savings on the amount you enter for mortgage and taxes (If you included principal it is not accurate)
2. What about insurance ? Which is another 60-100 per month).
If you adjust for these AN might be only spending 300-400 less by renting. Still a good deal IMO.
Couldnt tell if it included the Debt Relief Act in it? I think this act runs through 2009. Getting a 1099 for the unpaid portion would not be a fun thing. Cant BK on Uncle Sam.
I'm paying about $400/month extra to own.