479 Leverett Ave, Staten Island, New York
Located in the Great Kills area of Staten Island's South Shore, this 3 bedroom, 2 bath unit has off street parking for two cars, is almost maintenance free, has beautiful hardwood flooring, ceramic tile, granite counter-tops and back-splash, high hat lighting, crown molding, stainless steel appliances, central air, cable ready, and more. For most folks with 20% down, it can be CHEAPER than renting. That's right, CHEAPER than paying rent. Let's take a look at the numbers.
List price is only $409,000
20% down payment is $81,800
Balance to mortgage $327,200
Mortgage at today's rates, 30 year conventional 4.125%
Monthly payments, principle and interest $1,585.77
Taxes about $4,000 a year. $333.33
Insurance about $800 a year $066.66
Total monthly payments $1985.76
Now here comes the good part. If you are in the 25-30% tax range you will receive a nice refund at tax time. Assuming you are in this tax range or higher, (always check with your accountant) you will have around a $5,000 refund. If you take that figure and divide it by 12, you will have an extra $416 each month to help with the mortgage payment. If your interest payments are higher, you will have more of a deduction. Again please check with your accountant to be sure. This is only an example illustration of how owning a home is cheaper then renting.
Don't forget that after the mortgage is paid off, you now have EQUITY. 30 years comes around quickly, just ask grandpa or grandma. So then you lose the interest deduction, but your monthly costs now are only taxes, (don't we love them?) insurance and water and sewer.
So what are you waiting for? Call your tax accountant and mortgage person next. Then call me to see this beautiful home. My phone number is 917-696-0275. See the High Definition Virtual Tour here;