RENT VS BUY CALCULATOR

Rental Information:
Monthly rental payment ($)  
Monthly renter's insurance ($)  
Annual rent increase rate (%)  
New Home Purchase Info:
Price of home ($)  
Monthly property taxes ($)    
Monthly home owner's insurance ($)  
Monthly home maintenance ($)  
Annual home appreciation value (%)  
New Home Loan :
Loan amount ($)  
Interest rate (%)  
Term (years)  
Loan points ($)  
Down Payment & Loan closing costs ($)
(non tax deductible items)		  
How Long Do You Plan To Keep Your New Home?
Expected Number of Years  
Typical Selling costs (%)  
Savings account rate (%)  
Tax rate (%)  
     
     
Rent vs Buy Analysis Summary
Based on your situation, we've determined that you would be better off owning a home.
You would be $39,551.73 better off owning this home than renting.
This was based on your home equity at the time of sale minus your total rent savings if you had rented over the same period of time.
 
Cost of Renting
Years to Rent5 years
Total Rent and Insurance$46,397.11
 
Cost of Owning Your Home
Mortgage Payments$54,684.95
Taxes and Insurance$12,150.00
Maintenance$6,000.00
Tax Savings($12,454.51)
Total Cost of Ownership$60,380.44
 
Home Sale Analysis
Monthly Mortgage Payment$911.42
House Value with Appreciation$220,399.21
Proceeds minus Costs of Sale$204,971.27
Loan Balance($139,795.43)
Your Equity$65,175.84
 
Rent Vs Buy Analysis
Monthly Rent savings$388.43
The cost of home ownership minus the cost of renting as monthly cost
Total Rent Savings$25,624.10
Your monthly rent savings times the number of months you lived in the house plus the savings interest you would have earned on your down payment and closing costs

 

home  |  information  |  tools  |  apply online  |  about us  |  our team  |  contact us

American Legacy Mortgage   310 Academy Street      Gainesville, GA 30501   770-532-4404   770-532-4460  
Copyright © 2007 American Legacy Mortgage

White County Mortgage - Lumpkin County Mortgage - Dawson County Mortgage - Forsyth County Mortgage - Cherokee County Mortgage - Gwinnett County Mortgage - Barrow County Mortgage - Jackson County Mortgage - Banks County Mortgage - Habersham County Mortgage - Pickens County Mortgage - Gilmer County Mortgage - Fannin County Mortgage - Union County Mortgage - Towns County Mortgage - Rabun County Mortgage - Stephens County Mortgage - Franklin County Mortgage - Madison County Mortgage - Clarke County Mortgage - Oconee County Mortgage - Walton County Mortgage - Rockdale County Mortgage - DeKalb County Mortgage - Fulton County Mortgage -


     
manage your site