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 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 evalute before jumping in to buy a home. Generally, home ownership is good choice particularily 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 homeowner's 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
Rent
Own
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
For the latest mortgage rates click here
Click on the ? for explanation of any mortgage term.


Calculator Disclosure
The calculated results are not guaranteed to be accurate and are in no way are endorsed, offerd or guaranteed by MortgageCalculators123, its affiliates, sister sites, or parent company. The information provided with these calculators is for illustrative purposes only. Any information entered can and may vary from your actual loan. Any tax results (property or income tax) are based on user imputs and cannot be considered accurate simply due the each state's and counties tax laws; we highly recommend you should seek a qualified tax advisor and loan consultant for a more specific and personalized profile. All figures including principal, terms and interest rates are strictly hypothetical.
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Rates as of     03-25-05 Today
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