How will you choose between a purchase and rent option for your home? This calculator is here to help you out to make your home acquisition decision. To do so, the calculator will use specifics regarding your home expenses, down payment, closing costs, rent expenses, taxes, mortgage expenses, and inflation rate.
Price of home
Price of the home if you want to purchase it.
Annual rate of interest on the mortgage.
Term in years
Number of years needed to repay the loan.
Property tax rate
Annual rate of tax expense on your property.
Home insurance rate
Interest rate charged on homeowner’s insurance.
Association and maintenance fees
If you are giving up on the rent option, this is the total amount of money you spend to maintain the purchased home.
Cash on hand
Amount of cash available with you. This amount is required to pay cash down (down payment) and closing costs.
Loan origination rate
Percentage rate charged on the mortgage amount to recover the loan origination cost by the lender.
Number of discount points you want to utilize to reduce the rate of interest.
Other closing costs
Appraiser fees, filing fees, and other fees payable to close the contract.
Monthly rent payment
Amount of dollar required to pay as home rent if you give up on the purchase option.
After-tax investment return
Your expected after-tax rate of return that could be earned by giving up the purchase option and investing the down payment and closing cost.
Income tax rate
Rate of marginal income tax as applicable on your income category. Consult your tax advisor to get the accurate income tax rate.
Expected inflation rate
Your anticipated rate of inflation over the long-term.
Home appreciates at
Rate by which the value of your home appreciates every year.