Rent Vs. Buy Calculator
Should I rent or buy? This calculator does the complicated math for you by comparing the costs of renting vs. buying a house.
You will need to input several numbers so the calculator can accurately compare all the factors affecting renting versus buying (interest, property taxes, tax savings, appreciation, opportunity costs, closing costs, selling costs, etc.).
When you finish make sure to print the handy "rent or buy" comparison table so you have an easy reference sheet.
Finally, if you need help completing any field just click on that data entry box and instructions will appear in the area to the right so you know how to answer the questions. And if you like this calculator please make sure to "like" or +1 to help us out!
Thanks, and good luck with your new home...
How Much Does It Cost To Rent Vs. Buy A House?
Are you trying to decide whether you should rent or buy a home?
One important factor you should consider is cost. But with so many variables, it can be daunting to sit down and calculate everything by hand.
The Rent vs. Buy Calculator makes it easy to determine the total estimated cost of renting vs. buying. Simply input all your figures, compute your totals, and print out a detailed report!
As powerful as this renting versus buying calculator is, there are more factors to consider besides cost. There are advantages and disadvantages to both renting and buying. Here’s what you need to know . . . .
Advantages And Disadvantages Of Renting
Depending on your situation, financial status, and tolerance level, renting a house might be the best option for you. Weigh your options before you decide to rent a home.
Advantages Of Renting:
Disadvantages Of Renting:
Let’s switch gears for a moment and take a look at the advantages and disadvantages of buying a house.
Advantages And Disadvantages Of Buying A House
Homeownership is not for everyone, but there are some financial and emotional advantages to consider . . . .
Advantages Of Buying A House:
Disadvantages of Buying A House:
Notice that the Rent vs. Buy Calculator asks you the length of time you’ll stay in the house. This matters because the costs of owning a home change over time. Don’t look at monthly payments alone. It’s important to consider future expenses and changing housing needs.
Traditional wisdom advised to buy because “homes are an investment.” But remember, these investments can go down in value – remember the subprime mortgage crisis?
This is why it’s crucial to take a bird’s-eye view of your situation. Why are you moving? What costs are involved? Is this temporary or long-term? How much can you afford? How much do utilities cost? Will you have a longer or shorter commute to work?
Don’t take this decision lightly. The Rent vs. Buy Calculator can help you decide, but be sure to count all costs – financial and otherwise – before you take the plunge.
Rent Vs. Buy Calculator Terms & Definitions
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