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With builder incentives at levels the real estate market has not seen in over ten years combined with great interest rates, it's an excellent time to buy at Lake Heron Condominiums.

Think you can’t afford to own your own home? It’s more affordable, and easier, than you may think! At $279,900, a beautiful condo at Lake Heron Condominiums can be yours for as much, maybe even less, than rent!

Rent:
$1,500.00 rent per month x 3 years = $54,000.00

Buy:
Sales Price = $276,900.00

Assuming a 5% down payment on a sales price of $276,900.00
(Builder pays $5,000.00 towards closing cost)

Pre-Tax Monthly Payment
1st Mortgage - $221,520.00 (6.5% interest only)	$ 1,199.00
2nd Mortgage - $41,535.00 (8.0% interest only)	$ 276.00
Taxes	$ 250.00
Condo Fee	$ 226.00
Total Payment	$ 1,952.00

After Tax Monthly Payment
1st Mortgage $221,520.00 (6.5% interest only)	$ 1,199.00
2nd Mortgage $41,535.00 (8.0% interest only)	$ 276.00
Taxes	$ 250.00
Total Payment	$ 1,726.00

Tax Rate: 25% Federal + 7% State = 32%
(tax rate based on income bracket from $63,700 to $128,500.00)

68% x $1,726.00 = $1,173.00

Final Monthly Payment
After tax total monthly payment	$ 1,173.00
Condo fee	$ 226.00
Total Monthly Payment for Condo	$ 1,399.00

Rent	Mortgage	Savings Per Month
$ 1,500.00	$ 1,399.00	$ 101.00

Saving over 3 years to buy instead of renting = $3,636.00

David Doody, Branch Manager
National City Mortgage (A Division Of National City Bank)
Direct: 410-573-9682
Toll Free: 800-753-9979 *682
e-mail: david.doody@ncmc.com