Why continue to pay Rent when you can buy this house and pay less than you're currently renting for
28 Leonard Drive, East Northport, NY
A Lovely Extended 4 Bed, 2 Bath Cape Home,
Legal Accessory Appt ($1000-1200 rent roll).
List Price $ 399,000 ~ Taxes w/Star $ 6346
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I asked a Mortgage Professional to work up some financing numbers for me - here is an overview of what's possible - If a tenant is paying $ 1000 per month LOOK how LOW the monthly Mortgage Payment could be. ** Tax Benefit - confirm with your accountant.
The scenario's below are based on buyer being in the 33% tax bracket
3 Payment Scenario's ~ If House Sells for $ 399,000
- FHA 3.5% Down as Low as $ 1301 per Month!
- 10% Down Conventional as Low as $ 1140 per Month!
- 20% Down Conventional as Low as $ 732 per Month!
FHA 3.5% down = 13,965 at 4.375% no points or originations
[Mtg 1,955]-[Tax 591]-[HO 125]-[MIP 288] = Total $ 2,989
Mtg Interest and Property Tax write-off = $ 23,937
Back at the end of the year ~ $ 7,899 [monthly = $658]
Net payment after tax benefit = $ 2,301
Subtract $ 1000 for rental income -
** Monthly Mortgage Payment Could be as Low as $ 1301 per Month!
10% Down Conventional = 39,900 @ 4.25% interest no points
[Mtg 1,780]-[Tax 591]-[HO 125]-[PMI 254] = Total $ 2,754
Mtg Interest and Property Tax write-off = 22,353
Back at the end of the year $ 7,376 [Monthly $614]
Net payment after tax 2,140
Subtract $ 1000 for rental income -
** Monthly Mortgage Payment Could be as Low as $ 1140 per Month!
20% down conventional at 4.25%
[Mtg 1,584]-[tax 591]-[HO 125]-[PMI-N/A] = Total $ 2,300
Mtg Interest and Property Tax write-off = $ 20,657
Back at the end of the year ~ $ 6,817 [monthly $568]
Net payment after tax ~ $ 1,732
Subtract $ 1000 for rental income -
** Monthly Mortgage Payment Could be as Low as $ 732 per Month!
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