If you're considering purchasing a home in La Puente, California, you might be weighing the benefits of buying versus renting. With a purchase price of $650,000 and an estimated interest rate of 6.25%, let's explore the financial implications over the next nine years. I’ll guide you through this comparison, taking into account a forecasted annual appreciation rate of 5.49% for La Puente.
When you purchase a home with 95% conventional financing, your down payment would be $32,500 (5% of the purchase price). The loan amount would be $617,500. Here’s a breakdown of your financial commitments over the next nine years:
Now, let’s compare these figures to renting over the same period.
If you plan to stay in La Puente for the long term, buying a home could be a financially sound decision. While your monthly costs as a homeowner would be higher than renting initially, the appreciation and equity accumulation over time could significantly outweigh the total costs of renting. After nine years, you could have substantial equity, which could be leveraged for future financial opportunities.
As a mortgage loan officer, I recommend considering your long-term goals and the stability that homeownership can provide. If you’re ready to take the next step, I’m here to help you navigate the mortgage process and secure your dream home in La Puente.
David Delgado
NMLS# 349079 • Freedom Choice Lending
Office: (562) 281-6163
Click Here To schedule a 15 minute loan consultation
The terms are based on 6.379% APR.
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