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Example Purchase: 100% Financing

This is an example of the first year of payments. If you have an adjustable rate mortgage, the rate you pay may change up or down, capped within a certain range and certain rate of change per given period (year).

Purchase Price: $400,000

First Loan

Second Loan:

First Loan Payment: $1,718
Second Loan Payment: $367
Property Tax: $417
Insurance: $80

Total Principal, Interest, Tax, Insurance: $2,582

Tax-Deductible Interest Payments: $1700 (approx.)
Property Tax: $417
Total Property Tax + Interest Deductions: $2,117

Buyer Tax Bracket: 20%
Monthly Interest & Property Tax Deduction: $ 423

Total Principal, Interest, Tax, Insurance: $2,582
Less Tax Deductions: $423
Effective Monthly Payment: $2,159

How much less than this are you paying now in rent?

There are tools and resources (such as Microsoft Excel® spreadsheets) for this sort of thing in the Resources section of this web site.

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