In the first few years you're converting a small percentage of that $8K payment into equity...most of it goes to interest, insurance, HOA, property taxes, etc.

In the first few years you're converting a small percentage of that $8K payment into equity...most of it goes to interest, insurance, HOA, property taxes, etc. With the SALT restrictions you can't write off more than $10K in state taxes now either, which means basically $0 off your property taxes since that your income tax alone in CA will be more than that.