Your clients may be able to own a home for not much more than they’re paying in rent. Check the chart below to see how quickly rent payments can add up. Maybe it’s time for your clients to invest that money in something that lasts — a home of their own.1
|
Monthly rent |
3 years |
10 years |
15 years |
30 years |
|
$1,000 |
$36,000 |
$120,000 |
$180,000 |
$360,000 |
|
$1,250 |
$45,000 |
$150,000 |
$225,000 |
$450,000 |
|
$1,500 |
$54,000 |
$180,000 |
$270,000 |
$540,000 |
|
$1,750 |
$63,000 |
$210,000 |
$315,000 |
$630,000 |
|
$2,000 |
$72,000 |
$240,000 |
$360,000 |
$720,000 |
|
$2,250 |
$81,000 |
$270,000 |
$405,000 |
$810,000 |
|
$2,750 |
$99,000 |
$330,000 |
$495,000 |
$990,000 |
|
$3,000 |
$108,000 |
$360,000 |
$540,000 |
$1,080,000 |
For many of your clients, the after-tax cost of a home loan could be less than the cost of rent. That’s because the interest portion of each mortgage payment may be tax-deductible. In most cases, property taxes are also deductible. Your clients should consult a tax advisor for details.
If your clients are thinking about buying a home, Bank of America can help. They offer a range of financial options and affordable loan programs that can help qualified renters become homeowners. And don’t forget to ask your dedicated Mortgage Loan Officer for home financing signage to post outside your homes for sale. Their co-branded materials focus on helping us make the sale while presenting clear and helpful information to our customer.
1 The amount of the payment applied to principal and interest will vary according to each client’s loan terms, including, but not limited to, rate, loan to value, and escrowed items.
THIS INFORMATION IS INTENDED FOR MORTGAGE, REAL ESTATE, AND/OR BUILDER PROFESSIONAL USE ONLY AND IS NOT AUTHORIZED FOR CONSUMER OR PUBLIC DISTRIBUTION. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. AR73092