SHOULD I RENT OR OWN A HOME ANLALYSIS
SHOULD I RENT OR OWN A HOME ANLALYSIS
HERE IS A ANALYSIS TABLE COMPARING RENTING VERUS OWNING
EXAMPLE: PURCHASE OF 301-1052 ROCKLAND 2 BEDROOM CONDO AT $299,000 with 25% Downpayment 3 year term at 2.99 % mortgage interest rate
| Monthly Rent: | $
RequiredMust be a positive number | | No. of Years you plan on keeping the home: | RequiredInvalid |
| Annual Rental Increases: | % RequiredInvalid | | Yearly Appreciation on the Home: | % RequiredInvalid |
| Monthly Renter Insurance: | $ RequiredInvalid | | Annual Home Maintenance: | % RequiredInvalid |
| Savings or Investment Rate: | % RequiredInvalid | |
| Your Results |
Your customized Rent versus Owning analysis is based upon:
An initial monthly rental payment of $1,000.00. We assume that your rent will increase by 2.5% per year.
You are considering buying a home valued at $299,000.00, with a down payment of 25.08% or $75,000.00. Your monthly mortgage payment of $930.27 includes both principal and interest and is based upon a loan amount at an interest rate of 2.9%. (current 3 year term )
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Summary:
By buying your home versus renting you will have saved $93,040.76 over the next 5 years. (Net Appreciation - Total Investment Return + Total Rental Payment - Total Mortgage Payment) |
Breakdown of this Analysis:
| | Total Rental Payment: | $64,875.94 | | Total Mortgage Payment: | $67,776.40 | | Down Payment: | $75,000.00 | | Home Value: | $381,608.19 | | Interest Earned: | $11,945.55 | | Remaining Loan Balance: | $198,721.41 | | Total Investment Return: | $86,945.56 | | Net Appreciation: | $182,886.78 |
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