Buy or Lease Math

Remember that the high-end properties are immune?

Buy: $7,850,000 @ 8% jumbo loan = $52,333 per month in interest costs.
Lease: $24,500 per month.

Granted, rich people have money to throw away; but, remember, people who got rich the old fashioned way, did so by hoarding money, not throwing it away.

No mortgage interest deduction over $1 million.

Randolph Duke, dress designer to the stars, has listed his prize-winning Hollywood Hills home at $7.85 million.

The modern home, designed by XTEN Architecture, won the AIA award for best residential design in 2007 and was recently featured on the cover of Architectural Digest. It is also for lease at $24,500 a month

Courtesy of the LA Times