If you put 5% down on a $150,000 house at 7 ½% fixed rate for 30 years, including $1500/year property taxes, $30/month homeowners insurance, and private mortgage insurance, the TOTAL payment would be $1240.38.  Please remember that with high credit, 100% financing may be available through FHA if you are unable to put down 5%. The example tax table is used to illustrate the tremendous benefit of owning your own home (based on the $150,000 house) verses renting. This is an example only.                                   

 Owning your own home just earned you $2,393.00 MORE back on your first year’s tax returns!  This pays your house payment for almost two months or takes you on a great vacation!

Example B (Married)

You purchase a new home for $200,000 with 5% down at 7 ½% interest for 30 years.  Your property taxes are $2,000/year and homeowners insurance is $35.00/month.  Your TOTAL monthly payment including mortgage insurance is $1648.85. This is an example only.                                            

 In this example, owning your own home just earned you $2,722.00 MORE back on your first year’s tax returns! You OWN an appreciating asset!!

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