Rent vs Buy            
  Use this calculator to see the              
  financial difference between              
  renting or buying a home.              
   Renting Costs              
  Monthly rent         $  
  Monthly insurance         $  
  Rent increases           % 
   Buying Costs              
  Purchase price         $  
  Down payment     % $  
  Mortgage interest rate           %
  Length of mortgage            
  Closing costs      % $  
   Home Ownership Costs         Annually  
  Property taxes     % $  
  Home maintenance      % $  
  Home insurance      % $  
  Utilities (monthly)   $   $  
  Condo fees (monthly)   $   $  
  What Does the Future Hold?        
  How long do you plan to stay?     yrs
  Home appreciates at           %
  Investment rate of return           %
  Inflation rate           %
  Selling costs           %
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The financial gain from buying represents the projected value of your
home when you sell minus any outstanding mortgage balance and
selling costs. The financial gain from renting represents the growth of
the down payment, closing costs and mortgage insurance since these
amounts could be invested instead if you choose to rent. If your rent
payment (rent plus insurance) is less than the total buy payment
(mortgage payment, property taxes, maintenance, utilities, insurance
and condo fees), the annual savings from paying less in rent are
added to the investment at the end of each year. If the rent payment is
greater than the total buy payment, the difference is subtracted from the
investment. The inflation rate is used to calculate annual increases in
property taxes, home maintenance, insurance and utilities. If your down
payment is less than 20%, the calculator includes the appropriate
amount of mortgage insurance. If you enter a down payment less than
the required minimum, the calculator adjusts this amount to the minimum.
This calculator is for illustrative purposes only. You should not rely on the
results as indication of your financial needs and we recommend that you 
seek out your own investment, legal, tax or professional advice.
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