Buy Vs Rent
10 April

Buy Vs Rent

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BUYING VS. RENTING

This may surprise you, but a monthly mortgage payment is often less than what you might pay for rent. In fact, with just 1% down, you could save more than $600/month on a $250,000 home purchase and avoid monthly mortgage insurance.

PURCHASE A $250,0000 HOME

BUY: $1,597.85* (30-YEAR FIXED) RENT: $2,200 MONTHLY

*With the 1% Down program, the borrower puts down 1%, the lender contributes 2%, giving the borrower 3% equity at closing. The principal and interest payment on a $242,500 30-year Fixed-Rate Loan at 4.625% and 97% loan-to-value (LTV) is $1,285.35 with -1.153 points due at closing. The Annual Percentage Rate (APR) is 4.624%. The principal and interest payment does not include taxes and insurance premiums, which will result in a higher actual monthly payment. Taxes and insurance are estimated and will vary with each loan. *Includes estimated taxes and insurance. Pricing calculated on March 31, 2017.

 

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