Recommend buying or renting-rental costs-annual costs

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Reference no: EM13890173

Based on the following data, would you recommend buying or renting? Rental Costs- Annual costs- Annual rent $7,380, Insurance $145. Security deposit $ 650. - Buying Costs- Annual mortgage payments $9,800 ($9,575 is interest), Property taxes $ 1,780, Down payment / closing costs $4,500, Growth in equity $225, Insurance / maintenance $1,050, Estimated annual appreciation $ 1,700. Assume an after tax savings interest rate of 6 percent & a tax rate of 28 percent.

Reference no: EM13890173

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