A Comparison of Buying a New Versus Used Home for Ankit

Option #1: Buying a new home with a special rate incentive

- New home built by Lennar

- 4 bed, 2 bath, 1815 sq ft

- $358,990 sales price

- Mortgage estimate: $2,255.81 (all in)

- Principle & interest: $1,632

- Property taxes: $584

- Homeowners insurance: $100

- Mortgage insurance: $157

- Down payment: $12,564.65

- Estimated interest rate: 3.75%

Option #2: Buying a used home (rate & closing costs negotiable)

- 3 bed, 2 bath, 1714 sq ft

- $345,000 sales price

- Mortgage estimate: $2,759

- Principle & interest: $1,870

- Property taxes: $587

- Homeowners insurance: $150

- Mortgage insurance: $151

- Down payment: $12,075

- Estimated interest rate: 5.25%

You can view the latest mortgage rates here: https://bit.ly/current-mortgage-rates-news