Those are very good examples of how to estimate the income tax deduction, I have a basic one that I use to explain it to people who get lost in the details or are new to this (as I suspect the OP is based on his misconception, not an insult just an observation).
Here goes:
Measure the principal and interest against your current rent.
That’s it!
Taxes, insurance and hoa will essentially be covered by the tax benefit. scenarios vary a little, sometimes it’s too basic, in ocrenter’s scenario given above, it’s about a 10k rebate but 7500-8000 outlay, throw in water that landlords pay and maybe some lawn care and it’s a tie.
So when evaluating a purchase and trying to determine if it is rent nuetral compared to what you already pay in rent, just go to a basic mortgage calculator that only calculates P&I and compare the two numbers, head to head.
For condos, it doesn’t always work, especially when they have really high association fees like some high rise ones do. For suburban condos it is usually a wash, they might have a 300 assoc but it includes structural fire insurance, trash, gardner, exterior water, pool, etc. so the number is a bit of a soft number. but comparing agains rent for the same condo, you may need to adjust the formula a little.
