Please post your current rent along with the purchase price of a comparable house. Then take that purchase price * 8% to get approximate annual mortgage payment. We’ll assume your interest savings and equity paydown roughly pay for property tax, mello Roos or HOA, incremental insurance, repairs, and upkeep, and that the market will be flat for the next couple of years.
My Rent is 1,895/Mo or 23K/Year. The house I live in is worth 500K, so I’m saving somewhere around 17K/year by renting.
