what is the benefit of renting out my town home

[Chenna Marri]

Hi,

I am planning on renting out my town home but I don't see any benefit in doing so. I tax rate is 28% , so I will end up paying the same percent on rental income. Say for example my total mortgage payment is 1500 out of which 1000 is interest. If I rent my home I need to pay (say I will rent for 1600) around 5400 in taxes and if I add any repairs on top of it for general maintenance what am I even really gaining by renting out. I am actually losing money.

Can some one let me know if I am correct with my analysis or If I am missing something?

Thanks for your help and time.

Chenna