With
the 30%-40% price drop in the past 1 year compounded with additional tax benefit,
own a house as a lifestyle asset has becoming a more and more popular choice in
Inland Empire.
To
own, you will need at least 20% down payment from savings, gift or qualified from
city's down payment assistant program.
Here's
a quick comparison between paying $2200 rent vs. owning a $400,000 house with
6.75% interest rate.
Rent | Own |
| Rental
Payment | $2200 | |
Mortgage | $2075 |
| Renter
Insurance |
30 | | Insurance |
107 |
| | | | Property
Tax | 417 |
| | | | Maintain
Cost | 267 |
| | | | Estimated
Tax
Benefit | -$
639 |
| Total
Payment | $2230 | |
Total Payment
| $2227 |
