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Rent Vs Own Calculator
Should you buy a home or continue renting? Our Rent vs. Own Calculator will analyze your situation and give you some guidance.
Rent Information
Monthly Rent:
$
Monthly Insurance:
$
Est. Annual Rent Increase:
%
Home Information
Purchase Price:
$
Yearly Taxes:
$
Yearly Maintenance:
$
Yearly Insurance:
$
Est. Appreciation:
%
Selling Costs:
%
Mortgage Loan Information
Loan Amount:
$
Interest Rate:
%
Yearly Maintenance:
$
Est. Loan Costs:
$
Loan Term in Years:
Years Before Sell:
Financial Information
Tax Rate:
%
Investment Rate *:
%
* The investment rate calculates the difference between your mortgage payments and rental payments
and assumes that you are earning that rate on your investments.
Buying Analysis
Based on the information provided for a 5 year period
You will pay a monthly PI (Principal and Interest) payment of:
$
880.52
You will gain a tax advantage of:
$
13,136.17
You will gain an equity appreciation of:
$
36,855.28
Totaling a net value gain of:
$
49,991.44
Selling the home in 5 years will incur closing costs of:
$
4,977.50
Giving you a total net benefit of ownership of:
$
45,013.94
Rental Analysis
Based on the information provided for a 5 year period
If you chose to buy you would have paid home buying expenses of:
$
880.52
You will gain a tax advantage of:
$
52,831.50
You will pay rental expenses of:
$
46,397.11
Giving a difference of:
$
6,433.94
Investing the average yearly difference of $ 1,286.79 for 5 years
at %8 yields:
$
8,152.10
Selling the home in 5 years will incur closing costs of:
$
4,977.50
Giving you a total net benefit of ownership of:
$
45,013.94
Final Analysis
Because your Total Benefit of Ownership of $45,013.94 is
GREATER
than your investment yield of $8,152.10, it would be in your best interest to
BUY
this home rather than to
RENT
it.
The results shown above should be used only for informational purposes. The accuracy of these results is not guaranteed. If you seek additional help or explanation, please refer to your loan officer.
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Contact Us
Greg Rachunok
Owner / Broker
ph. 805-238-2019
fx. 805-238-2820
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