spreedsheet week 4- submitted.xlsx - BUY VS RENT Condo price down payment Local deed tranfer Tax Prov Deed transfer Tax Misc closing costs Finance

spreedsheet week 4- submitted.xlsx - BUY VS RENT Condo...

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BUY VS. RENT Mortgage Details Condo price $ 600,000.00 down payment $ 120,000.00 Local deed tranfer Tax $ 9,000.00 Prov. Deed transfer Tax $ 9,000.00 Misc. closing costs $ 2,000.00 Finance amount $ 480,000 Drivers 10 years 10 5 years 60 2 years 24 25 year ammortization 25 300 loan ammortization 300 4% interest 4.00% 120 payments/12 annually 120 Total Finance with interest $760,086 Monthly mortgage P+I $ 2,533.62 Monthly condo fee $ 1,055.00 Monthly property tax $ 300.00 Monthly maintenance $ 50.00 Total $ 3,939 Monthy Mortgage $ 3,939 Monthy Rent $ 3,000.00 Monthly difference $ 939 Annual difference $ 11,263 Interest $ 280,086 Monthly rent $ 3,000.00 Rental period 10.00 Periods 120.00 Int rate 4.00% FV OF PAYMENTS $441,749 Total cash outlaw owning 10 yrs $ 472,634 Total cash outlaw owning 5 yrs $ 236,317 Total cash outlaw owning 2 yrs $ 94,527 Upfront costs $ 140,000.00 Periods 10.00 Int rate 4.00% FV OF INVESTMENT $207,234 Net position after 10 years $234,515 Scenerio 2.A Year 2 5 10 Sales price $ 620,000.00 $ 620,000.00 $ 620,000.00 Principle remaining on note $456,712.90 $418,102.16 $342,525.10 Initial gain no costs $163,287.10 $201,897.84 $277,474.90 5% Realtor cost $31,000.00 $31,000.00 $31,000.00 additional closing cost $2,000.00 $2,000.00 $2,000.00 total closing costs $33,000.00 $33,000.00 $33,000.00 Net gain on sale $130,287.10 $168,897.84 $244,474.90
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Scenerio 2.B 10% down No change 10% up Sales price $ 558,000.00 $ 620,000.00 $ 682,000.00 Principle remaining on note $456,712.90 $418,102.16 $342,525.10 Initial gain no costs $101,287.10 $201,897.84 $339,474.90 5% Realtor cost $27,900.00 $31,000.00 $34,100.00 additional closing cost $2,000.00 $2,000.00 $2,000.00 total closing costs $29,900.00 $33,000.00
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  • Summer '18
  • BRUCE HARRINGTON
  • Closing costs, Real estate terminology, Monthy Rent

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