Originally Posted by JDConnell
Do I take 40K as a down payment and make mortgage payments of 700 or continue renting?
Buy or rent is a very personal decision. So let's only look at the financial side:
1) 40K down payment: What the opportunity cost?
2) 700 mortgage payments: Does that also include property tax, home insurance, maintenance and repair, and HOA if applicable.
3) Appreciation (or depreciation) of home value.
4) Possible tax saving with the home. Very unlikely considering the modest mortgage payment.