Assuming you have $250,000 for a downpayment (not including closing costs), it is less expensive to buy this $1,050,000 fourplex to owner-occupy than it is to buy a comparable single family home. How?
2334 Curtis St
The upstairs “owner’s unit” has 2+Br/2Ba, with approx. 1,248 sq ft of living space.
Purchase Price: $1,050,000
Downpayment: $ 250,000
Loan Amount: $ 800,000
Interest Rate: 5.875% (30 year fixed, 0 points)
Monthly Payment (P+I) $ 4,732
Property Taxes (T) $ 1,532
Insurance (I) $ 150
TOTAL PITI $ 6,414/mo
Less existing rents $ (3,646/mo)
Effective Monthly Cost $ 2,768/mo
Compared to
2 -3 Bedroom/2 Ba single family home in the same neighborhood, in roughly the same move-in condition, would cost you approx. $625,000 today.
Purchase Price: $625,000
Downpayment: $250,000
Loan Amount: $375,000
Interest Rate: 5.75% (30 yr fixed, 0 points)
Monthly Payment (P+I) $ 2,188
Property Taxes (T) $ 912
Insurance (I) $ 100
TOTAL PITI $ 3,200/mo
Effective Monthly Cost $ 3,200/mo
Loan terms were provided by Ted Maniatis at MPR Financial. (510) 527-6146.
These rates were available on Friday Feb 8, 2008 but are subject to change.
