If the house is purchased, it will cost $$155,000$ and will require a $20\%$ down payment. The loan will carry an interest rate of $6\%,$ a term of $30$ years, and monthly payments of $$743.$ The closing costs associated with the house$$s mortgage will be $$3,500.$

$$ The property taxes and the maintenance and repair expenses on the house are estimated to be $4\%$ and $1\%$ of the house$$s total price, respectively.

$$ Your ordinary income is taxed at the rate of $28\%,$ and you$$ll be willing to itemize your tax deductions in the event that you purchase your new home.

$$ Financial publications report that home values are expected to increase by $3\%$ this year due to inflation.