The following is a dilemma that many new home buyers face, so, if you are one, this information may help you make an educated decision and perhaps get rid of procrastination (at least in regards to home buying)
Scenario: To buy or to rent a 300K home?
If you buy for $300,000.00 you will pay down your mortgage of $285,098.98 by $43,603.00 over 5 year(s) with your Principal and Interest payments of $1,282.83 per month, plus your property will increase in value by $10,1501.15 for a total investment growth of $145,104.15.
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This total is greater than your total investment growth from renting, which is, approximately $4,242.58 after 5 year(s). This was calculated by growing the monthly savings from renting ($68.00) plus your current downpayment of $15,000.00 at a standard after-tax rate of 4% per annum
As a new home buyer, you may also face uncertainty in regards to downpayment or credit, however, you should know that these factors can be worked out by practicing your simple mortgage assessment.
The ultimate decision is yours, I can help!