Rent or buy calculator

Should I buy or continue renting ?

What is your target monthly rent ?

$
|
$1000
|
$10,000

What is your target home value ?

$
|
$75,000
|
$750,000

How much you can pay for down payment ?

$
|
$5000
|
$150,000

How long would you expect to stay in there ?

Yr
|
1 Year
|
30 Year

What is your income tax rate ?

%
|
0%
|
50%

Total Renting Cost

Total Rent & Insurance Payments $52,896.70

Total Amount $52,896.70

Cost of Homeownership

Mortgage payment $369,532

Property Taxes $102,614

Homeowner's Insurance $34,240

Total Amount $30,644.77

Opportunity Cost

Interest Earned on Invested Funds $4,927.98

Total Amount $4,927.98

Opportunity Cost

Tax Savings $12,108.14

Home Appreciation $15,927.41

Total Amount $28,035.55

NET COST OF RENTING:

$47,968.72

NET COST OF BUYING:

$35,915.89

Renting Costs

$ 47,968.72

Buying Costs

$ 47,968.72

Home Financing

Financing Term

30

Years

Profit Rate

3.5

%

Ongoing Costs

Annual Property Tax

1.02

%

Rent Insurance

1.32

%

Homeowner's Insurance

0.5

%

Closing Costs

4

%

Economic

Rent Appreciation

2.3

%

Home Value Appreciation

2

%

Inflation

2

%

Earned Interest on invested funds

3

%