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Rent or Buy?Let up help you determine which is best for you. Need more info? Contact us now. Find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying. |
| | Advantages | Considerations | | Buy | Property builds equity | Responsible for maintenance | | | Sense of community, stability, and security | Responsible for property taxes | | | Free to change decor and landscaping | Possibility of foreclosure and loss of equity | | | Not dependent on landlord to maintain property | Less mobility than renting | | Rent | Little or no responsibility for maintenance | No tax benefits | | | Easier to move | No equity is built up | | | | No control over rent increases | | | | Possibility of eviction |
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Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.
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Results
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Receive this Detailed Analysis
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Your Monthly Payments
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| Loan Amount: |
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| Loan Insurance (
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| Total Loan(Mortgage) Amount: |
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| Principal & Interest: |
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| Homeowners Insurance: |
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| Property Taxes: |
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| Condo Fees: |
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| Monthly Loan Insurance (%): |
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| Total Monthly Payment: |
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| Income Needed to Qualify for the Mortgage |
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| Total Monthly Loan Payment: |
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| Total Monthly Debt Payment: |
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| Monthly Loan Insurance (%): |
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| Qualifying Income of
% GDS Ratio: |
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| Qualifying Income of % TDS Ratio: |
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| What You Can Afford |
| We are using the % ratio.
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| Cost of House: |
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| Down Payment: |
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| Loan Value: |
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| Monthly Principal & Interest: |
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| Monthly Insurance: |
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| Monthly Property Tax: |
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| Monthly Condo Fees: |
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| Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate) |
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