Rent vs. Buy Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision.
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Definitions Price of home: Purchase price of the home you wish to buy. Cash on hand: Cash you have for the down payment and closing costs. Interest rate: The current interest rate you can receive on your mortgage. Term in years: The number of years over which you will repay this loan. Property tax rate: Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes. Home insurance rate: Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance. Loan origination rate: The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000. Points paid: The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance. Other closing costs: Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid. | |
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