23109…
Well, I appreciate your attempt to illustrate your math, but I still respectfully disagree with it. First, I feel that you are selling yourself short on the rental price. I am very confident that you can rent a nice, modern, single story home in Temecula with a similar size to your home for 1700-1800. Quoting a price of $2000 or 2100 is unfair. I know of a 3600 sqft home in Harveston, beautiful, on a bigger lot, with stainless, dual ovens, granite, and more for $1950 per month.
The house I rent is a 2500sqft 4/3 single story in Harveston with granite counters, travertine, custom medallions in the entry way, dual stainless ovens, intercom system, central vac, epoxy flooring in the garage, and a stamped concrete patio for $1850. I have found similar deals. You can rent a home that is far from “yucky” in Temecula for well under $2000 per month.
Want proof.. here are a few examples…
The second thing I feel is wrong is your $800 per month tax savings. $800 per month = about a $10,000 tax refund. This seems a bit high. I think that with your loan, even if it is interest only, you should save about $7k per year in tax revenues if you make about $100k per year. This equates to about $585 per month. Plus you may have to pay a supplemental tax a fem months after you move in.
Now if you take the more accurate rent and tax figures, I see it as 1800+585=2385, or about $600 CHEAPER to rent a similar home than purchase your home for $3000 per month. I could still be wrong, however, but this is how I see it.
