Bancroft Village vs. Renting a 3 Bedroom

Buying a New Home at Bancroft Village vs. Renting a 3 Bedroom Apartment in Pickwick

Bancroft Village Pickwick 3 BR
Monthly Mortgage Payment/Rent (1,2) $1,090 $1,135
Square Feet 2,275 1,044
Monthly Utilities $175 $150
HOA Fee $70 $0
Insurance $50 $30
Monthly Property Taxes (3) $184 $0
Gourmet Kitchen Yes No
Large Private Community Playground Yes No
Large playroom area (separate from LR/DR) Yes No
Separate Laundry Room Yes No
Bedrooms 5 3
Bathrooms 3.5 2.0
Monthly Equity Value (4) $305 $0
Monthly Tax Savings (5) $242 $0
Total Monthly Cost $1,021 $1,315
1
Assumes purchase price of $265,000 plus $12,000 in closing costs financed in mortgage
2
Assumes 4.25% interest rate with 30-year amortization, 20% down payment.
3
Bancroft Village buyer is eligible for new construction property tax credit.
4
Monthly amount applied to principal of loan.
5
See accountant for more info, based on 25% tax bracket with increased itemized deductions for mortgage interest and property taxes.
6
Qualifying and rates on loan programs may vary based on credit criteria, final amount of down payment and current market pricing. Terms, features, options, prices, offers and financing are subject to change without notice. Illustrations may be shown with options. Square footage is approximate. See sales representative for details.