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by: Domingo Parker


Domingo Parker
OK State
GPA 3.5

Nancy Titus-Piersma

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About this Document

Nancy Titus-Piersma
Class Notes
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This 0 page Class Notes was uploaded by Domingo Parker on Sunday November 1, 2015. The Class Notes belongs to FIN 2123 at Oklahoma State University taught by Nancy Titus-Piersma in Fall. Since its upload, it has received 40 views. For similar materials see /class/232774/fin-2123-oklahoma-state-university in Finance at Oklahoma State University.




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Date Created: 11/01/15
m 10 WORKSHEET Worksheet for the Rent Versus Buy Decision The Cost of Renting 1 year 7 years a Total monthly rent costs monthly rent x 12 months x no years b Total renter39s insurance annual renter39s insurance x no years c A er tax opportunity cost of interest lost because of having to make a security deposit security deposit of x a er tax rate of return of x no years d Total cost of Renting lines a b c The Cost of Buying e Total mortgage payments monthly payments x 12 months x no years f Propertytaxes on th new house propertytaxes of x no years g Homeowner39s insurance annual insurance premium x no years h Additional operationg cost beyond those of renting Maintenance repairs and any additional utilities and heating costs additional annual operating costs x no years i A er tax opportunity cost of interest lost because of having to make a down payment down payment of x a er tax rate of return of x no years j Closing costs including points closing costs of k Less savings Total mortgage payments going toward the loan principalquot Less savings Estimated appreciation in value of the homeless sales commission at the end of the period current market value ofhouse x annual growth in house value of x no years sales commission at the end of the period of x future value ofhouse m Equals Total cost of buying a home for those who do not itemize linesefghljkl Additional savings to homebuyers who itemize n Less savings Tax savings form the taxdeductibility ofthe interest portion of the mortgage payments total amount of interest payments made x marginal tax rate 0 Less savings Tax savings from the taxdeductibility ofthe propertytaxes on the new house property taxes of x marginal tax rate of x no years p Less savings Tax savings from the taxdeductibility ofthe points portion of the closing costs total points paid of x marginal tax rate of p q Total cost of buying ahome to homwbuyers who itemize line m minus lines n through p Advantage of buying to thoes who do not itemize Total cost of renting Total cost of buying for those who do not itemize if negative rent if positive buy line d line m Advantage of buying to thoes who do itemize Total cost of renting Total cost of buying for those who do itemize if negative rent if positive buy line d line q


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