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Rent vs Buy Calculator

This calculator will help you to compare the costs of renting to the costs of buying a home. Since there are all kinds of forces at work behind the scenes (interest, property taxes, tax savings, appreciation, opportunity costs, closing costs, selling costs, etc.), comparing the cost of renting to the cost of buying is a lot more complicated than just comparing the monthly mortgage payment to the monthly rent payment. This calculator attempts to forecast the net effects of all the hidden forces so you can make an informed decision.

Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error. Also please note that this calculator has been tested to work with Internet Explorer 3.01 and Netscape Navigator 3.01 web browsers. However, both must have the JavaScript option turned on.

Input
Monthly rent ($)
Monthly rental insurance ($)
Expected annual inflation rate (%)
Purchase price of home ($)
Down payment amount ($)
Length of mortgage term (# of years)
Mortgage's annual interest rate (%)
Discount points on purchase of home (%)
Origination fees (%)
Other loan costs ($)
Mortgage Insurance (PMI %)
Homeowner's insurance rate (%)
Monthly association dues ($)
Average monthly maintenance ($)
Annual property tax ($)
State plus Federal income tax rate (%)
Interest rate you expect to earn on savings (%)
Expected percentage your home will appreciate by each year (%)
Number of years you will stay at this property
Realtor commission rate (%)

Results
Total estimated cost of renting
Total estimated cost of buying

Summary

No summary is available until you complete the form.

The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Results should be discussed with a qualified professional before any product purchases or loan commitments are made.