Keep renting, or buy?
Slide to your rent and the home you have in mind. You will see your monthly cost both ways, and how much of owning goes back to you as equity.
Focus on properties that have been on the market more than 90 days. Negotiate a buy-down to lower your monthly payment while building equity!
Rate buy-down option
A seller who wants to close can pay to lower your mortgage rate. Pick an option to see what it does to your payment on this home.
Cash you would need to close
Ways buyers make the numbers work
Tap retirement savings for the down payment
Many 401(k) plans let you borrow up to $50,000 or half your vested balance. First-time buyers can also take up to $10,000 from an IRA without the 10% early withdrawal penalty.
Rules vary by plan. Check with your plan administrator and financial advisor.
Mortgage interest is tax deductible
If you itemize, you can deduct interest on up to $750,000 of mortgage debt, plus real estate taxes under the $40,400 state and local cap for 2026. Co-op owners deduct their share through maintenance.
Whether itemizing pays off depends on your situation. Confirm with your accountant.
Want to see what this buys in your neighborhood?
We will send a short list of homes that fit these numbers, including listings past 90 days where a buy-down is on the table, and introduce you to a lender who can confirm your rate.
Melinda Sicari, Licensed Associate Real Estate Broker
The Sicari Team at Douglas Elliman Real Estate
melinda.sicari@elliman.com · 631.751.6000