The Numbers: Buying in Hawaii with a zero down VA loan is less per month than renting
Posted by Tony Kawaguchi, RA on Monday, July 4th, 2011 at 4:03pm.Some clients of mine recently closed on a house in Ocean pointe for $680,000. The VA loan at 4.25% with zero closing costs out of pocket has a monthly payment of $3443.50. Add in the insurance and taxes, and their total payment is $3790.60. 
The house they bought is 4 years old, 2900 sqft, with 4 bedrooms, 3 baths. That model house, similar ot this one shown, is currently for rent on Craigslist for $3800.
They are already $10/month under the cost of renting, but then subtract the 35% Federal tax deduction they get on their mortgage, and they are several hundred dollars under the cost of rent.
Why waste your BAH on rent when you can buy this great house for less per month?
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