Rentals

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Why rent if you could buy?
Ronald and Kanani Hart are a fictional couple, but it's likely they resemble someone you know. Ronald is a firefighter and Kanani is an elementary school teacher. They have two children. Jointly, the Harts earn a total of $70,000 a year. They rent a three-bedroom home in Ai´ea for $1,700 per month.

We did a simple study for the fictional Hart family to show what their after tax monthly housing cost would be if they bought a house, using one of our four-bedroom single family homes at a sales price of $285,990. By using the interest on their mortgage and real property tax deductions, you'll see how they end up paying only $119 a month less as homeowners than they paid as renters.

Check with a qualified advisor at Fahrni to determine your own situation.
 
 
As Renters As Homeowners
Loan Amount                             $0 Loan Amount                  $271,691
Terms: 30 year conventional loan      
at 7%* interest. Down Payment 5%   
Monthly Rent                        $1,700 Monthly Mortgage Payment     $1,808
Real Property Tax                        75
Mortgage Insurance                       0
Association Dues                         32
Homeowners & Hurricane Ins.         75
TOTAL MONTHLY PAYMENT      $1,990
Income                              $70,000
Dependents                                 4		 Income                              $70,000
Dependents                                 4
2000 Federal Income Tax       $7,713
2000 State Income Tax            4,434
TOTAL INCOME TAXES           $12,147		 2000 Federal Income Tax       $4,419
2000 State Income Tax            2,824
TOTAL INCOME TAXES            $7,243
Tax Savings per month            NONE Tax Savings per month            $409
Monthly housing cost         $1,700** Monthly housing cost                      
adjusted for tax savings     $1,581**
 

*Without mortgage insurance. Based on current interest rate plus .50%

**The purchase price, loan amount, interest rate, income taxes and other property-related expenses shown may be lower or higher depending on an individual's circumstances and market conditions. This is an illustration only and not a representation. You should check with your qualifed tax advisor to determine your own situation.
 
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