Simple calculation:

[PerryChase]

Simple calculation:

Assuming you can earn the same interest on investment as you could on mortgage payments.
Interest only on $735,000 at 6.5% = $47,775 year.

You can rent a gated community house at Aviara for $2,775/mo = $33,300/year
http://sandiego.craigslist.org/apa/348068782.html

For simplicity, ignore property taxes, hoa, maintenance, insurance, tax benefit of mortgage interest, inflation and opportunity costs, and most importantly RISK.

You save $14,775/year by renting.

After 7 years you have $103,425, plus you still get to live in a nice home, in a nice neighborhood.

If you have time, put all the numbers in a spreadsheet and make your own calculations.