Financial Illustration for 1650 Jackson Street #401
$588,000.00 Purchase Price
$147,000.00 25% Down Payment
$ 10,253.00 Closing Costs
$157,253.00 Total Amount to Bring to Closing*
Conventional 75% Loan to Value @ 5.25% with One Point*
$441,000.00 Mortgage Amount
5.25% Interest Rate
30 years Term of Mortgage
$ 2,435.00 Monthly Mortgage Payment
Tax Savings of Owning
$ 23,153.50 Annual Interest (interest only)
$ 6,838.44 + Property Taxes
$ 29,991.94 Total Annual Tax Deductiable Items
25% x Marginal Tax Bracket
$ 7,497.99 Total Annual Tax Savings ($624.83/mo.)
Monthly Cost of Owning
$ 2,435.00 Monthly Mortgage Payment (PI)
$ 569.87 + Monthly Estimated Taxes (T)
$ 61.25 + Monthly Estimated Insurance (I)
$ 491.26 + Monthly HOA Dues
$ 3,557.38 Total Monthly PITI & HOA Dues
$ -624.83 - Monthly Tax Savings
$ 2,932.55 Net Monthly Cost of Owning
Rent vs. Own
$ 2,200.00 Monthly Rent for Comparison
$ 2.932.55 Net Cost of Owning Monthly
$ 732.55 Total Monthly Cost of Owning vs. Renting
Daily Cost of Staying in a Hotel vs. Owning a 2nd Home
$ 250.00 Daily Hotel Stay for Comparison
$ -97.75 - Net Cost of Owning Daily
$ +152.25 Total Daily Cost of Hotel Stay vs. Owning a 2nd Home
$ 7,500.00 Monthly Hotel Stay for Comparison
$ -2.932.55 - Net Cost of Owning a 2nd Home Monthly
$ +4,567 Total Monthly Savings of Owning a 2nd Home vs. Hotel Stay
It is only a Buyer’s Market … if you buy!
*Compiled by ColdwellBanker@AnnScherbert.com (415-447-8838) with the assistance of Jann Van Heuver at Princeton Capital Mortgage Co.(415-447-8807 ) & escrow officer Jani Tsuchiya at Fidelity National Title (415-346-2030). Call them for specific information directly. All offers must accompany evidence of creditworthiness and a lender pre-approval letter if financing is required .