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BUYING vs LEASING A House TEAM: 4 Armin J Bogosian - Techie Aida Beltran - Summarizer Isaac Miranda - Techie Tanya Cardona - Organizer
Introduction Buyer/Leaser combined household income $90,000 Invests 10% annually Has liquid assets for down payment Location: Brea
Scenario 1 - BUY Condo in Brea 1,300 s.f., 3 bed, 2.5 bath Purchase Price: $350,000 Down Payment: 20% or $70,000 Interest Rate: 5.75% Loan Type FHA 30 year fix Lender, Bank of America Annual Property Tax Amount: $4,375 Annual Homeowner’s Insurance: $800 Cash Flow Analysis MONTHLY PAYMENT : $1,634.00 W/TAXES & INS: $2,065.24
Scenario 2 - BUY Condo in Brea 1,300 s.f., 3 bed, 2.5 bath Purchase Price: $350,000 100% financing with private mortgage insurance roughly $280 per month Interest Rate: 5.75% Loan Type FHA 30 year fix Lender, Bank of America Annual Property Tax Amount: $4,375 Annual Homeowner’s Insurance: $800 Cash Flow Analysis MONTHLY PAYMENT:$2,042.50 W/ TAXES, INS, & MIP:$2,753.74
Scenario 3 - LEASE Apartment located in Brea 1245 s.f., 2 bedroom, 2 bath $1,000 security deposit Annual rent increase of 5% Cash Flow Analysis Monthly rent payment: $2,050
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