Is now the right time for you to buy a home or continue renting? RANLife's Rent or Buy Calculator will assist you in determining the best option for you by letting you compare your current monthly rent amount to a monthly mortgage payment.
Purchase & Financing Information
Term of Loan
How long to live here
Rent Rate Increase
Mortgage amount after down payment:
Monthly Payment: (Principal and Interest Only)
Since Principal and Interest are not the only factors of a loan we should include an estimate for PMI, Taxes and Insurance. An average Tax figure for your home tends to be about $10 for every $1000 assessed value. If the assessed value of your home is 85% this would make your home's assessed value , and your monthly tax .
Your down payment was less than 20% of the loan.. looks like you're paying PMI. This averages around $56 for every $100,000 borrowed. Your PMI is estimated to be per month. With PMI, Taxes, and Homeowners Insurance ( average) your payment would be around .
Since you are putting down 20% or greater, you will not have to pay PMI. So, your monthly payment with taxes and estimated homeowners insurance () would be around .
Over the length of time you indicated ( years), you would have spent on mortgage payments. This includes Principal, Interest, Taxes and Insurance, Insurance and PMI. You will pay in total interest over the years that you live here. Your total taxes paid will be .
Using a % appreciation rate over years, your house will appreciate to .
The monthly rent includes $25 as an average for renters insurance: + $25.00 = for the first year. Rate of increase is also a factor commonly used to determine an estimated increase of rent every year. We will use an average of % yearly increase. Over the length of time you indicated ( years), you would have spent on rent and insurance.
Last Payment Amount:
over years (incl. down payment)
(deductions for T and I)
(appreciation + principal)
It seems that RENTING would save you about over buying a home in the course of years!
It seems that BUYING A HOME would save you about over renting in the course of years!
*Total Spent Calculation = Total Mortgage Paid - (House Appreciation + Principal + Tax Savings)