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]
Annual rent, $7,500
Security deposit, $750
Annual mortgage payments, $10,000 ($9,500 is interest)
Property taxes, $1,500
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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