Reply to HHI for $700K house?

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Reply to "HHI for $700K house?"

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[quote=Anonymous][quote=Anonymous]One thing to consider too is that money is extremely cheap right now. Locking in those low interest rates on a 30-year is a benefit that might not be around when you want to trade up in 5 years.  Play around with a mortgage calculator and you will be floored by how much monthly payments can change with upticks in interest.  Also, in five years or whatever if you trade up you'll be buying at those dollars, rather than paying a locked in payment at 2016 dollars.  And, every month you're getting equity and a tax deduction.  All of this doesn't necessarily mean do it -- it's just there are a lot of things to consider that can make it tip in surprising ways (especially if you aren't carrying other debt). [/quote]

This is very true.  Our rental wasn't cheap.  In fact our mortgage is actually less expensive than was our rental when you factor in the tax deduction.  Purchasing our home two years ago has saved us around 25k not taking into account our monthly equity paydown.  The best part is not having our rental increase annually.

Previous rent 3,500

Mortgage 3,524
Tax deduction (1000)
Equity paydown (850)
Equals 1,664 monthly cost

Even if we have 1k in repairs and expenses each much we are still ahead.

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