I'm having trouble understanding some real estate/mortgage math and terminology.

I have a property that I'd like to lease or, preferably, sell. I'd
like to make a comparison of "Lease vs. Buy" - over a 10 year period -
to show potentials why it would be advantageous to buy rather than
lease.

- My property is worth $607,500.
- I will lease it at $2,885.50/month.

I'm unfamiliar with: deductions, depreciation, equity stake through
ownership, mortgage, principal, interest, and total dollars spent as
well as total dollars in deductions.

How would I make a side-by-side comparison (over a 10 year period - in
annual increments) using the above-mentioned terms that I am
unfamiliar with?

I would prefer someone that is familiar with finance/real estate to
help guide me through the steps of making such a side-by-side
comparison. I'm not sure, but I believe I would need to provide the
interest rate, mortgage (let's assume 80% at 6.5%), and depreciation
(unsure where to find this). As I mentioned, I'm trying to show why it
is advantageous to buy (and get some sort of deductions on principal?)
versus renting.

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Clarification of Question by telarium-ga on 07 Dec 2005 08:50 PST

The property is a commercial property, therefore it is depreciated
over 39 years using the "Straight Line" method. I believe, therefore,
that it will depreciate $15,177 a year (although I'm not completely
sure of this number).

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Clarification of Question by telarium-ga on 07 Dec 2005 09:01 PST

As a clarification: I'd like a side-by-side comparison of the numbers. 

I.E. For year 1, it would cost x amount to mortgage and y amount to lease.
      For year 2, it would cost x amount to mortgage and y amount to lease.

(And how would all the terms mentioned fit into this?)