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Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision. Click the "View Report" button for a detailed look at the results.
This is based on your home's equity minus a HOME_COMMISION_RATE sales commission paid to brokers or real estate agents when you sell your home. It also assumes your home will appreciate at HOME_APPRECIATION_RATE per year and you have an income tax rate of TAX_RATE. RESULT_MESSAGE_ADVICE
We calculated your breakeven point by examining how long it would take to create enough equity in your home to exceed the value of investing your cash on hand. We also accounted for differences in your monthly rent and house payments. If your rent payment is less than your net house payment, we add that monthly savings to your investment. If your house payment is less than your rent payment we subtract that amount from your investment. You may notice that on the schedule at the bottom of this report the investment value can be reported as negative. This happens if your house payment is significantly lower than your rent payment. It illustrates that if you continue to rent the extra cost of renting would, in effect, use up your cash on hand.
Your total monthly payment was calculated as MONTHLY_TOTAL_PMT. Your down payment was calculated as TOTAL_FOR_DOWNPAYMENT and you had a home price of PRICE_OF_HOME. This is for a LENGTH_OF_LOAN year mortgage at INTEREST_RATE in the amount of LOAN_AMOUNT. Total closing costs for this loan are estimated at TOTAL_CLOSING_COSTS.
Your current monthly rent is MONTHLY_RENT. The expected inflation rate of INFLATION_RATE annually was used to estimate future rent and property taxes. The rate of return use for investments was INVESTMENT_RETURN per year after taxes.
To avoid PMI payments, a DOWNPAYMENT_20 down payment is required. This equals 20% of your home's purchase price. The total amount of cash required for a 20% down payment plus closing costs would be CLOSING_CLOSING_COSTS_20.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
