Your mortgage (before property taxes) would be about $3100/month with a 6.34% interest rate which is the current average. Property tax at 2% would be $833 per month wouldn’t it? ($500,000 times 2% = $10,000 per year divided by 12.)
Add in insurance and HOA let’s say $200 that makes your monthly payment about $4100. I’m not sure how you save $1500 in income taxes a month. That’s $18,000 a year. Your total interest the first year will only be about $30,000. Who has that high a tax rate? At 40% which is still too high, you’d only save $1,000 a month in taxes the first year. And that tax deduction will only shrink over time.
You’d still be paying a net $3100 vs. $2000 for renting. A lot to pay for “pride of ownership”.
