Cost of Waiting

The Cost of Waiting, Rent or Own?

Why not build wealth for yourself? Homeownership is the foundation; it can turn your housing expenses into assets. Tax deductions increase and you build equity for yourself, not your landlord. The "American Dream," security and the pride of ownership. Now is a great time to buy! Low mortgage rates, low prices and buyer tax rebates up to $8,000.

Below are just two examples, a $200,000 home and a $325,000 home. We have added links to sites where you can calculate your own situation, even a link that shows how extra mortgage payments can benefit you.  We put a link to the IRS web site explaining the FREE $8,000 waiting for you.

We hope you will build a home or buy an existing home with us. Consider your options, get the facts. Help yourself and help our Nation. 

$200,000 Home

Cost of Home with a 10% Down payment. This is a hypothetical example calculated using a $180,000 loan, 30-year amortization period, 6.125% loan interest rate, effective property tax rate of $22 per every $1,000 of home value, 25% buyer income tax rate and a 6.9% annual appreciation in the value of home. This particular set of variables may not match yours; as individual circumstances vary. Please consult a mortgage professional for more information.

The numbers don't lie. Putting off the purchase of a $200,000 home for just one year could cost you almost $20,000. How? Let us explain. First of all, interest rates, building costs, land costs and energy costs are steadily rising. Take into consideration the tax advantages, equity and energy savings a new "Energy Advantage Home™" generates, and the cost of waiting becomes apparent.

The Cost of Waiting

	3 Months	6 Months	1 Year	2 Years
Realized tax deductions you're missing out on.	$936.56	$1,873.13	$3,746.25	$7,492.50
Equity you could be gaining through property appreciation.	$3,105.00	$6,210.00	$1,2420.00	$2,4840.00
Equity you could be gaining by paying down the principle.	$527.53	$1,063.18	$2,159.34	$4,318.68
Savings on Energy Costs ($100 per month )	$300	$600	$1,200	$2,400
Estimated Cost of Waiting	$4,869.09	$9,746.31	$19,525.59	$39,051.18

Estimate Monthly mortgage payment
(P & I, Taxes and Insurance) = $1,410.24

 

$325,000 Home

Cost of Home with a 20% Down payment. This is a hypothetical example calculated using a $260,000 loan, 30-year amortization period, 7% loan interest rate, effective property tax rate of $22 per every $1,000 of home value, 25% buyer income tax rate and a 6.9% annual appreciation in the value of home. This particular set of variables may not match yours; as individual circumstances vary. Please consult a mortgage professional for more information.

The numbers don't lie. Putting off the purchase of a $325,000 home for just one year could cost you almost $30,000. How? Let us explain. First of all, interest rates, building costs, land costs and energy costs are steadily rising. Take into consideration the tax advantages, equity and energy savings a new "Energy Advantage Home™" generates, and the cost of waiting becomes apparent.

The Cost of Waiting

	3 Months	6 Months	1 Year	2 Years
Realized tax deductions you're missing out on.	$1,521.91	$3,043.84	$6,087.66	$12,175.31
Equity you could be gaining through property appreciation.	$5,045.63	$10,091.25	$20,182.50	$40,365.00
Equity you could be gaining by paying down the principle.	$857.24	$1,727.67	$3,508.93	$7,017.86
Savings on Energy Costs ($100 per month )	$300	$600	$1,200	$2,400
Estimated Cost of Waiting	$7,724.78	$15,462.76	$30,979.09	$61,958.17

Estimate Monthly mortgage payment
(P & I, Taxes and Insurance) = $2,325.62

Calculate your own savings at any of these sites:

Click here to see the: Benefit of extra payments toward a mortgage

Read more about the $8,000 housing tax credit at the IRS web site.