Home / Questions / a. Fatima and Usamah plan to buy a condominium in New York. They will obtain a $150,000, 3...
a. Fatima and Usamah plan to buy a condominium in New York. They will obtain a $150,000, 30-year mortgage at 6 percent. Their annual property taxes are expected to be $1,800. Property insurance is $480 a year, and the condo association fee is $220 a month. Based on these items, determine the total monthly housing payment for the Fatima and Usamah?
[Always remember: show ALL the calculation steps/processes. Less mark will be given if you failed to show the calculation]
Rental Costs |
Buying Costs |
Annual rent, $7,500 Insurance, $150 Security deposit, $750 |
Annual mortgage payments, $10,000 ($9,500 is interest) Property taxes, $1,500 Insurance/maintenance, $1,000 Down payment/closing costs, $4,500 Growth in equity, $250 Estimated annual appreciation, $1,800 |
Assume an after-tax savings interest rate of 6 percent and a tax rate of 30 percent.
Based on the above information, answer the following questions
a. Calculate total rental costs!
b. Calculate total buying costs!
c. Would you recommend buying or renting? Why?
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