Here’s an easy way to figure out all the little details, Just look at the P&I vs. rent. The principle and interest doesn’t take into account the hoa, taxes, maint, ins., etc, but the tax deduction is about equal to all that so just compare the principal and interest to the average rents. When it is an absolute tie with a 20% downpayment it is time to buy, this represents a 20% margin over rent. If rent is 1900/mo then 360k is the correct price using this formula, adjust up and down based on current rents in the chosen area and house size. a purchase price of 600k is justified if rent is $3160, if rent is cheaper, then rent.