Built for Eric · Delray Beach

Your homebuying power, calculated with precision.

A private-banker grade affordability tool tuned for South Florida — factoring in Palm Beach County property taxes, high insurance, the Homestead Exemption, credit-score rate adjustments, and self-employed bank-statement loans.

Income

Documented to lender
$
$250,000
Monthly Gross$20,833

Credit Score

A · Excellent760
580660720780820
Estimated Rate
8.250%

Existing Debt

Min payments only
$/mo
$600
$/mo
$400
$/mo
$300
$/mo
Total Monthly Debt$1,300

Home Parameters

Cash you have
$
$50,000
$/mo
Loan Program
12-24 mo bank statements. Higher rate, but no tax returns needed.
Maximum Home Price
$1,020,432
Loan Amount
$918,388
Down Payment
$102,043
10% min
Rate (30yr)
8.250%
credit-adjusted
50.0%
Back-End DTI
Max 50%
Close to limit

Monthly Payment Breakdown

Principal & Interest
$6,900
Property Tax(w/ Homestead)
$1,537
Homeowners Insurance(FL rates high)
$680
Total Housing$9,116/mo

What-If Scenarios

Buying power gained
Kill ALL debtfrees $1,300/mo
+$144,272
→ $1,164,703
Pay off carfrees $600/mo
+$66,605
→ $1,087,036
Pay off student loansfrees $400/mo
+$44,403
→ $1,064,835
Pay off credit cardsfrees $300/mo
+$33,264
→ $1,053,696
Boost credit score to 800
+$18,158
→ $1,038,589

Federal Tax Savings

32% marginal bracket
Itemized Deductions (Year 1)
Mortgage Interestcapped @ $750K loan
$61,653
Property Tax (SALT)capped @ $10K (no FL state tax)
$10,000
Total Itemized$71,653
vs. Standard Deduction
Standard (single)$15,000
Excess over standard+$56,653
× Marginal rate32%
Annual Tax Savings$18,129
≈ $1,511/mo back in your pocket
Annual Charitable Giving$optional, boosts deduction

Effective Cost vs. Rent

Renting
$3,435
monthly · $41,220/yr · $0 tax benefit
Owning · Effective
$7,606
$9,116 PITI − $1,511 tax savings
Premium for ownership
+$4,171/mo
+$50,047/yr

Owning costs $4,171/mo more than rent — but every $ of principal builds equity, the home likely appreciates, and you lock in housing costs vs. rising rents.

* Doesn't yet count: equity build (~$11,021/yr in principal), appreciation (~6-8%/yr in S. FL historically), or the Save Our Homes 3% assessment cap. The real spread is even bigger.

Wealth Projection

3 · 5 · 10 year horizons

Based on Palm Beach County FRED HPI data: 5-yr trailing CAGR ≈ 6%, 10-yr historical S. FL ≈ 8%. Adjust to your view.

6.0%
4.0%

S. FL rents have averaged 4-7%/yr increases since 2020. Owners freeze housing cost at year 1 PITI.

After 3 Years
Home Value
$1,215,350
+$194,919 appreciation
Total Equity
$320,790
$23,828 principal·$194,919 growth
Rent paid
$128,672
Net own cost
$273,802
Rent saved less-$145,129
After 5 YearsSweet spot
Home Value
$1,365,568
+$345,136 appreciation
Total Equity
$490,491
$43,311 principal·$345,136 growth
Rent paid
$223,261
Net own cost
$456,336
Rent saved less-$233,075
After 10 Years
Home Value
$1,827,437
+$807,006 appreciation
Total Equity
$1,017,694
$108,645 principal·$807,006 growth
Rent paid
$494,892
Net own cost
$912,673
Rent saved less-$417,781
10-Year Wealth Delta
$599,913

Equity you'd build ($1,017,694) plus money saved vs. renting (-$417,781) over 10 years. That's the cost of waiting another year to buy.

Cash-to-Close

FL · Palm Beach County

What you'll wire to the closing agent. Includes Florida-specific taxes (doc stamps, intangible) and PBC closing customs.

Total Cash Required at Closing
$134,449
$102,043 down payment+$32,406 closing costs (3.18% of price)
FL State Taxes
$5,151
Title
$250
Lender Fees
$8,683
Prepaids
$17,247
3rd-Party
$1,075
Negotiation Toggles
Origination Fee0.75%
= $6,888
Closing Day of MonthDay 15
Per-diem interest: $3,114
Quick Reality Check

You'll need $134,449 liquid at closing. If your savings + IRA first-time-buyer pull ($10K) + family gift can clear that number, you're ready to make an offer.

Your Current Rent
$/mo
Used in the rent vs. own comparison above

Estimates only. Actual terms vary by lender, credit, and market. Palm Beach County property tax ~1.9%, insurance estimate 0.8%/yr (high due to FL hurricane exposure). Credit score rate adjustments based on typical Fannie Mae LLPA structure. Consult a licensed mortgage professional.