You are planning to buy your first home at $420,000 with 15% down payment and...
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You are planning to buy your first home at $420,000 with 15% down payment and finance the rest at 4.5% annually fixed rate mortgage. You currently pay a monthly rent of $1,800. After you buy this house you must pay $12,000 real estate taxes annually and $800 annual insurance and they are not tax deductible. Adjusted for rent, the true net monthly cost of total mortgage in your case would be? Also explain the answer in words, what that means for your personal financing?
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