Mortgage Calculators

Rent vs. Own- Which Is Best?   This calculator will tell you the advantages of renting vs. owning. It takes into consideration the various financial details you need to evaluate before jumping in to buy a home. Generally, home ownership is good choice particularly if your planning on living there for a long time. So, run the numbers and see for yourself.   Rent Info:     Monthly rent ? What percent will rent increase per year ?   Purchase Info:     Purchase price of home ? Down payment ? Interest rate ? Term (usually 30 or 15 years) ? Change amount if known Loan points and closing costs paid ? Annual property taxes ? Annual homeowners insurance (Fire insurance) ?   Annual Mortgage Insurance (If less than 20% down payment) ?   Annual maintenance cost to keep up property ?   Annual Association dues or other fees ?   Other Info:     How many years will you stay in the home ?   What is your federal income tax bracket ?   What percent will your home appreciate per year ?   What percent will you earn on your investments ?   (Assumes down payment is invested if renting) Selling Info:     Real estate commissions to sell your home ?   Closing cost to sell your home ?   Click here for printer friendly version              Monthly Payments ? $1,000.00 $854.36    Property Taxes ? $ $156.25    Fire Insurance   $ $41.56    Mortgage Insurance   $ $92.63    Other Monthly Fees   $ $    Compare monthly payments   $1,000.00 $1,144.80    If renting, the gain/loss on your    invested down payment   $3,019.14      Selling price of home   $ $150,00.00    Now subtract your loan balance   $ $132,602.42    This is your equity from appreciation    principal reduction   $   $17,397.58      Minus selling cost (real estate    commissions, closing, etc)   $   $10,500.00   Minus down payment purchase closing costs   $   $10,500.00      Plus tax advantages of owning   $ $11,581.93 Total gained (or lost) from Owning   $ $7,979.51 Direct Out-of-Pocket Paid to Rent vs.Own   $70,934.40   $60,000.00              You will save  $5,974.03  by  Renting  rather than Owning