| Am
I Better Off Renting or Purchasing? |
| Believe it or not, sometimes
you may be better off renting than owning
your own home. This calculator will
give you a general idea.
Place your cursor in the fields and
fill in the requested information to
the best of your knowledge. Use the
tab key on your keyboard to move through
the form. Once the required fields are
completed, the form will automatically
populate with the information you have
requested.
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$
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What is your
monthly rent? |
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% |
Estimate your tax bracket. |
$ |
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What is the purchase price
of the home you are interested in? |
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|
% |
What percentage of the purchase
price do you want to put down on the new
home purchase? |
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% |
What is the interest rate
of the new home loan? |
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What is the term of the mortgage?
(number of years financed). |
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This is what your calculated monthly
payment would be. |
$ |
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What are the yearly property
taxes on the new home? |
$ |
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What does the homeowners
insurance cost per year? |
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This is your total monthly payment
with taxes and insurance. |
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How many years do you plan to stay in
the house? (Average is 7 yrs.) |
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| Based on the number of years
you plan on staying in the house, and
additional information you provided above,
the following determinations were made.
This is very general. Please consult a
financial advisor for a more specific
determination.
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You will pay out this total in rent
payments over the number of years you
indicated above. |
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You will pay out this total in mortgage
payments (less tax savings) over the number
of years you indicated above. |
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Note: This calculator
is provided to give you a general idea.
We cannot guarantee the accuracy or the
applicability to your situation. Please
consult a qualified professional. If you
use a 0% interest value, the calculator
will automatically use a default value
of .001. Please be aware that the values
may vary slightly. |
