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To Rent or To Buy

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Broker Susan Doig crunches some numbers: "I recently showed 1407 Beacon Street ... in Brookline with a listing price of $389,000. It is currently rented at $2300. If you paid full price at $389,000 with 20% down your loan amount would be $311,200. $311,200 at an interest rate of 3.75% breaks down to a monthly payment of $1443. Principal and Interest payment: $1441 per month. Condo fee: $495 per month (includes heat and hot water). Taxes: $3991 per year, or $333 per month. So... $1441 + $495+$333= $2269 per month to buy vs. $2300 per month to rent." [Boston Real Estate Blog]