Is better to rent or buy a condo? Use the information below to figure it out....

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Is better to rent or buy a condo? Use the information below to figure it out. rent is 3000 per month includes parking, no utilites can buy similar condo for condo fees of property tax repair and maintenance downpayment closing costs if sell condo in next 2 to 10 mortgage rate monthly rate n Figure out the: 1. Down payment 2. mortgage payment borrow 3. Total monthly cost of buying condo mortgage condo fees of property tax repairs/maint Total 4. enter rent 5. Net additional cost of buying v re 6. Senario Analysis a) what do you owe after 2 years? b) what do you owe after 5 years? c) what do you owe after 10 years? 600,000.00 likely sell after 5 to 10 years 500 monthly 300 monthly 600 yearly 20% of purchase price 2000 5% of selling price to realtor plus 2000 in closing costs 6% APR, 30 year mortgage with monthly compounding 0.005 360 120,000.00 480,000.00 $2,877.84 500 300 50 $3,727.84 3000 $727.84 Cost more to buy $467,847.53 $446,660.91 $401,691.48 (convert to monthly) 7. price sold after 2, 5, or 10 years if the price is cost more (less) per month to buy hint: number of payments remaining constant after down by 10% after 2 years up 2% a year for 5 ye constant after 5 years up 10% after 10 x % a year for 10 years (you choose) Is better to rent or buy a condo? Use the information below to figure it out. rent is 3000 per month includes parking, no utilites can buy similar condo for condo fees of property tax repair and maintenance downpayment closing costs if sell condo in next 2 to 10 mortgage rate monthly rate n Figure out the: 1. Down payment 2. mortgage payment borrow 3. Total monthly cost of buying condo mortgage condo fees of property tax repairs/maint Total 4. enter rent 5. Net additional cost of buying v re 6. Senario Analysis a) what do you owe after 2 years? b) what do you owe after 5 years? c) what do you owe after 10 years? 600,000.00 likely sell after 5 to 10 years 500 monthly 300 monthly 600 yearly 20% of purchase price 2000 5% of selling price to realtor plus 2000 in closing costs 6% APR, 30 year mortgage with monthly compounding 0.005 360 120,000.00 480,000.00 $2,877.84 500 300 50 $3,727.84 3000 $727.84 Cost more to buy $467,847.53 $446,660.91 $401,691.48 (convert to monthly) 7. price sold after 2, 5, or 10 years if the price is cost more (less) per month to buy hint: number of payments remaining constant after down by 10% after 2 years up 2% a year for 5 ye constant after 5 years up 10% after 10 x % a year for 10 years (you choose)