| Purchase Price |
The total purchase price of the home that you wish to buy. |
| Interest Rate |
| The expected percent interest rate you will get on your mortgage. |
| Down Payment |
The percent down payment you wish to put towards the home. This affects whether or not you will have to pay PMI or not. If you pay 20% down or more you will not have to pay PMI (Private Mortgage Insurance). |
| House Appreciation |
The percent of appreciation the home will gain every year you own it. |
| Term |
The number of years it will take to repay the loan amount (30 years is common). |
| How Long? |
How long do you plan on living in this location? |
| Monthly Rent |
The monthly amount that you pay in rent. |
| Rent Rate Increase |
The rate as a percentage that your rent will increase each year. 2.6% is average. |
Rent vs. Buy Calculator |
This calculator will assist you in determining if renting or buying a home is a better option for you. Mouse over the item to get a description.
| Calculations by this calculator are estimates only. There is no warranty for the accuracy of the results or the relationship to your financial situation. Powered by www.patricia-beck.com - Colorado Springs Real Estate |