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Why You’re Better Off Paying a Mortgage Than Paying Rent
Manage episode 245452547 series 1434640
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If you’re still renting, it’s much more financially beneficial to buy a home and take on a mortgage payment. Here’s why.
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Did you know it’s more beneficial for you to take on a mortgage payment than it is a rental payment? It’s true, and today I’ll explain how by using an example from my own life and adjusting the numbers for an interest rate you can secure today.
Follow along in the video above to see an in-depth, side-by-side comparison of a rental payment versus a mortgage payment. For your convenience, I’ve provided timestamps so you can skip ahead to various sections at your leisure:
0:52—The numbers at a glance: $1,300 per month in rent versus $1,929 per month for the mortgage (at today’s interest rate)
1:36—The drawbacks of the rental payment and the benefits of the mortgage payment
1:57—How the mortgage numbers are divided up
4:07—How your tax credit reduces your overall payment
5:22—When factoring in your increasing principal and decreasing interest, in less than a year, your original $1,929 monthly payment will be less than $1,300
6:36—Why your rental payment will only go up
7:10—Wrapping things up
As always, if you have any more questions about this or any other real estate topic or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.
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