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WHY YOU CAN AFFORD THE DREAM
While Beacon Hill/Back Bay real estate invariably presents a little sticker shock, the happy news is that choice property can be affordable. Boston abounds with lending institutions and mortgage brokers, eager to compete aggressively and custom-design a loan program just for you. Very low interest rates might make that ideal condominium or townhouse your future home. Here's one example: $730,000 condominium: 20% down for 30-year fixed mortgage @6.875% Down Payment: $146,000 Loan Amount: 584,000 Monthly Principal & Interest: 3,836 Monthly Property Taxes: 484 Monthly Condo Fee: 419 Total: 4,740 Approximate Tax Savings in 28% Bracket: - 1,210 True Monthly Outlay: 3,530 Please Note: These figures are meant only as a helpful guide. Actual numbers for your particular income bracket should be sought from a financial or legal professional.
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