A house payment with a 3.5% down payment on a $200,000 home is $1413 including taxes and insurance and the interest rate is fixed. In the first month $282 of that goes to principal and that amount goes up every month. The interest paid and the taxes paid may be deductible (check with your tax preparer). When renting nothing goes to principal for you (just your landlord), there is nothing deductible and in the future the rent could be higher. Buying a home instead of renting a home is favorable at this time because interest rates are low, which history tells us won’t last forever, and prices are reasonable. However home prices are rising. Come in and see us at 105 North H St. or give us a call at 805.735.1254, we’d love to answer any questions you may have about home ownership. It is within your reach.
Posted on: Wed, 27 Nov 2013 17:29:53 +0000
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