Am I better off renting?
Renting will
cost
you $12,392 less than owning over the 7 years, in today's dollars.
Regarding ownership for the 7 years
Total tax savings
$41,100
Total maintenance
$4,900
Selling price
$363,000
Equity
$107,608
Selling costs
$36,300
Total payments
Owning
Renting
Principal and interest
$1,559
N/A
Taxes and insurance
$354
N/A
Mortgage insurance
$0
N/A
Total initial payment
$1,913
$1,415