$389K with 20% down @6.25 monthly payment = $1920 (monthly)
HOA + insurance +prop taxes (@1.25%) = $640 (monthly)
Savings in interest deduction = $534 (monthly)
Net monthly cost = ($1920+640-534) = $2026
Rent for a similar place seems to be about $1800/month.
So its close, which means if I can try and get it for 20K less (in case a low bid offer is accepted), it may be a good deal. I do expect rents to be higher a few years from now due to inflation.
$389K with 20% down @6.25 monthly payment = $1920 (monthly)
HOA + insurance +prop taxes (@1.25%) = $640 (monthly)
Savings in interest deduction = $534 (monthly)
Net monthly cost = ($1920+640-534) = $2026
Rent for a similar place seems to be about $1800/month.
So its close, which means if I can try and get it for 20K less (in case a low bid offer is accepted), it may be a good deal. I do expect rents to be higher a few years from now due to inflation.
$389K with 20% down @6.25 monthly payment = $1920 (monthly)
HOA + insurance +prop taxes (@1.25%) = $640 (monthly)
Savings in interest deduction = $534 (monthly)
Net monthly cost = ($1920+640-534) = $2026
Rent for a similar place seems to be about $1800/month.
So its close, which means if I can try and get it for 20K less (in case a low bid offer is accepted), it may be a good deal. I do expect rents to be higher a few years from now due to inflation.
$389K with 20% down @6.25 monthly payment = $1920 (monthly)
HOA + insurance +prop taxes (@1.25%) = $640 (monthly)
Savings in interest deduction = $534 (monthly)
Net monthly cost = ($1920+640-534) = $2026
Rent for a similar place seems to be about $1800/month.
So its close, which means if I can try and get it for 20K less (in case a low bid offer is accepted), it may be a good deal. I do expect rents to be higher a few years from now due to inflation.
