The Newberry Team

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Facts on Renting vs. Buying a $400,000 Home

• 5 years of $2,000/month rent equals paying your landlord $120,000

• A $400,000 modest home costs $2,585/month (FHA 30-year fixed mortgage at 5% interest with an APR of $5.718)

• Property Tax savings for 5 years equals $25,000 (~$417/month)

• Mortgage Interest savings for 5 years equals $96,152 (~$1,608/month)

• 3% equity growth/year for 5 years increases your homes worth to $463,710 (6% growth has been the average since 1965)

• Your mortgage balance after 5 years is now $363, 231

• Buying this type of home now would increase your wealth by almost $100,500 after 5 years!!!!

Question:  Do you seriously want to pay $120,000 towards your landlord's mortgage over the next 5 years rather than see your wealth increase by over $100,000???

The True Cost of Home Ownership (Detailed)