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1. Your Home is an Investment. You are purchasing a house. Some of the money you pay each month actually goes towards paying off your home. One day, you will outright OWN your home and will have no house payment. The sooner you begin paying, the sooner it will be paid off.
2. Tax Benefits — Interest you pay on your home (at the beginning of a Mortgage Loan your Interest Payment is most of it.) is tax deductible. In no other loan is the Interest tax deductible.
3. Homes generally appreciate at a rate exceeding Inflation. Last Year Homes in Cache Valley increased more than 6.25%, in The State of Utah more than 8%, and if you were fortunate enough to live in St. George 28.34%! According to Sept 2. Deseret News.
This calculator helps you calculate the monetary advantages (or disadvantages) of home ownership. In the present Utah market, Home ownership is usually better if you live in the same home for at least 2 years and almost always better at 3 years. Input the info, and find out for yourself if it is better to Rent or Own?
Help: Rental Insurance is something most renters don’t actually pay. Monthly Home Owners Insurance approx. $20 for every $100,000 of home. Monthly Taxes are generally around $50 for every $100,000 of home. (this calculator is a little messed up so actually enter both the annual taxes & insurance in the monthly taxes spot to get an accurate estimate.) Home Value Appreciation was 6.25% for Logan last year. Loan Points are prepaid interest on some loan products. Selling Cost Percent shouldn’t cost you more than 7% if you list with me. Savings Rate is the rate your saved money would earn interest. Tax Rate % is the percentage of your earnings that goes to Taxes. Also Check out Deseret First Credit Unions Calculator
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How does BUYING a home SAVE Money? |