fis_210_appendix_j - AAAAAABBBAAu Home Rent or Buy Analysis...

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AAAAAABBBAAu Name: LeRoy Cluff Cost of Renting Monthly Rental Rate $1,450.00 Annual Rental Costs $17,400.00 Monthly Renter's Insurance $45.00 Annual Renter's Insurance $540.00 Rental Deposit $0.00 Total Cost of Rental $17,940.00 Cost of Buying Purchase Price of Home $250,000.00 Down Payment 25000 Mortgage Amount $225,000.00 Mortgage Term (in months) 3600 Mortgage Rate (%) 4.50% 0.05% Total Interest Yr 1 $10,125.00 Monthly Mortgage Payment $843.75 Yearly Mortgage Payment $10,125.01 Property Taxes (%) 4.00% Annual Cost of Property Tax $10,000.00 Private Mortgage Insurance (%) 2.00% Annual Private Mortgage Insurance $5,000.00 Homeowner's Insurance (%) 3.00% Annual Cost of Homeowner's Insurance $7,500.00 Maintenance Cost (%) 0 Annual Maintenance Cost $500.00 After Tax Rate of Return (%) 0.00% $0.00 Homeowner's Association Fee(s) 120 Annual Homeowner's Association Fee(s) $1,440.00 Total $34,565.01 Reduction in Principal Loan Amt $0.01 Income Tax Rate (%) 30.00% Tax Savings from Interest Rate Reduction $3,037.50 Tax Savings Due to Property Tax Deductions $3,000.00 Total Deductions $6,037.51 Annual After-tax Cost of Home Ownership
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This note was uploaded on 07/20/2010 for the course COM220 COM220 taught by Professor Doug during the Spring '10 term at University of Phoenix.

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fis_210_appendix_j - AAAAAABBBAAu Home Rent or Buy Analysis...

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