RENT Vs. OWN
While owning isn’t for everyone, it is usually much more affordable than most renters realize. The key question you should ask yourself is ‘how long are you going to be living in the home?’ The longer you plan on staying, the more advantageous it is to own rather than rent.
There are many benefits to owning a home. One great benefit is that you can fix your mortgage payment for the life of your loan. Compare this to your rent payments, which your landlord will increase each year in order to keep up with inflation. You will also save hundreds, possibly thousands, per year on taxes because the interest on your mortgage is tax deductible. Another huge gain is the appreciation on your home’s value. Real estate has historically been shown to be one of the safest and best investments available. All this and we haven’t even mentioned the money you put away towards equity with each monthly payment.
Complete the simple ten-step calculator below to find out just how much you could be saving. The amount may shock you.
Step 1: How much are you spending on rent per month? $
Step 2: How much do you expect your rent to increase per year? %
Step 3: How much does your house cost? $
Step 4: How much are you going to put down? %
Step 5: What interest rate do you expect for your loan? %
Step 6: How much do you expect your home to appreciate per year? %
Step 7: What is the estimated yearly property tax? $
Step 8: What is your income tax bracket? %
Step 9: How long do you plan on staying in your home?
years
Step 10: Get your results!
Over
0
years you would spend $
0
in rent.
Over
0
years you would spend $
0
in house payments, including taxes.
However, your home would go up in value by $
0
and you would pay off $
0
of your loan, which is equity in your home. You would also save $
0
in income taxes.
Here’s the bottom line. You will save on average $
0
per month, or $
0
over
0
years. It makes you think twice about renewing your lease, doesn’t it?
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