Buying a Home vs. Renting

Use the buying versus renting calculator below to compare the advantages and disadvantages of buying versus renting a home.

 
  Current Rent:
  Purchase Price of Home:
  Percentage of Down Payment:
  Length of Loan Term (years):
  Interest Rate:
  Years You Plan to Stay in This Home:
  Yearly Property Tax Rate:
  Yearly Home Value Increase Rate:
               
 
 
Result Returned: RentBuy
Price of Home After Appreciation:  
Remaining Balance After Years:  
Equity Earned:  
Tax Savings (at 28%):  
Avg. Monthly Payment Over Time:
Total Payment:
Total Savings On:
Note: The calculator above uses these items in its calculations: private mortgage insurance, homeowner's insurance cost, loan closing cost, cost of selling a home, property tax, homeowner's tax saving, and rent increases. Calculator results are estimates only.

If you would like to know more about this topic or speak to a mortgage officer who can help you with your home loan needs, please contact us by clicking here.

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