Rent vs Buy

http://www.tcalc.com/tvwww.dll?LoanVsLoan

Rent vs. Buy Calculator

This calculator will compare the cost of renting vs. the real cost of buying a home. This calculator will compare the costs and benefits of taxes, fees, and interest you will pay when buying a home to the monthly rent you pay when renting. It does not include payments made against the principal on your loan, since those payments become equity in your home.

For help with a particular item, click on the “?” next to the item.

Monthly rent: $
Home cost: $
Down payment: $
Loan term: months
Points: %
Fees: $
Mortgage insurance: ? $
Homeowner’s insurance: ? $
Association dues: ? $
Average monthly maintenance: ? $
Property tax: %
State and Federal income tax: ? %
Interest rate: %
Your savings rate: ? %
How much will your home appreciate each year?: ? %
How much will rent increase each year?: ? %
How long will you stay in this property?: ? months

  Rent   Buy
Monthly expenses
Monthly payment   3,000.00   4,496.63
Property tax   937.50
Association dues   0.00
Mortgage insurance   0.00
Homeowner’s insurance   400.00
Other costs   200.00
Total Monthly payment   3,000.00   6,034.13
Present value of all costs over 120 months ?   289,326.25   462,767.77
Home equity ?   -9,457.99
Total net cost   289,326.25   472,225.76

You will save $182,899.51 if you rent instead of buy.