The home is valued by the county at $490,000.
With 100% disability property taxes are waived, leaving P&I of $1,775 plus $193 for insurance and $50 for HOA dues. Assuming a 3% per year appreciation, the property increases in value by $1,100 per month. The loan principal reduces by $759 per month (based upon the current loan). The NET COST of living here, based upon those figures, is $133 per month. The office is very large and could be a self-contained rental unit for perhaps $1,000 per month. It could also serve as a 2nd master bedroom for a roommate.
The VA loan is assumable. The current balance is $370,000 (as of 10/11/20). The current interest rate is 3.25% and is adjustable with a 2% cap. The current P&I is $1,775 with the next change in interest due in November, 2021. This November (2019) the rate was reduced from 3.75% to 3.25%.
There are no liens or secondary loans.
County tax is $691 and subject to reduction for VA disability. Insurance is $193. Homeowner dues are $50 per month payable semi-annually. The have been no assessments and none are planned.