Estimated monthly costs
- Mortgage payment (principal and interest): approx. $810/month
- Property taxes: approx. $275/month
- Condo fees: $310/month
- total monthly payment will be ~$1,395/m plus insurance
After 5 years of making mortgage payments, the homeowner will have gained approximately $18,000 in equity, not including market appreciation. After 5 years of renting, the return is $0.
