Rent Versus Own Results
Your customized rent versus own analysis is based upon:
An initial monthly rental payment of $500.00. E-LOAN has assumed
that your rent will increase by 2.5% per year.
You are considering buying a home valued at $0.00, with a
down payment of 0% or $0.00. Your monthly
mortgage payment of $0.00 includes both principal and interest
and is based upon a loan amount of at an interest rate
of 0%.
Because your down payment is less than 20%, we have included Mortgage Insurance to be paid on a monthly basis.
Summary
By buying your home versus renting you will have saved $47,804.58 over the next 7
years. The breakdown of this analysis is provided below.
Please bear in mind that your decision to buy a home is not only a financial
one. There are many emotional reasons for wanting to own the home that you
live in, even when the numbers don't justify the purchase. Please view this
analysis as one piece of information to consider as you make this important
decision.
Payment Comparison - Before Tax Savings
| Rent |
Own |
| Initial Rental Payment: |
$500.00 |
Mortgage Payment: |
$0.00 |
| Renters Insurance: |
$30.00 |
Homeowners Insurance: |
$0.00 |
| |
|
Monthly Property Taxes: |
$0.00 |
| |
|
Mortgage Insurance: |
$0.00 |
| Total Monthly Payment: |
$530.00 |
Total Monthly Payment: |
$0.00 |
| |
|
Yearly Maintenance Costs: |
$0.00 |
| Total Payments Over 7 Years: |
$47,804.58 |
Total Payments Over 7 Years: |
$0.00 |
Payment Comparison - After Tax Savings
| Rent |
Own |
| After Tax Rent Payments: |
$45,284.58 |
After Tax Mortgage Payments: |
$0.00 |
| Average Monthly Payment: |
$539.10 |
Average Monthly Payment: |
$0.00 |
Tax Considerations
| Rent |
Own |
| |
|
Total Interest Payments: |
$0.00 |
| |
|
Total Property Taxes: |
$0.00 |
| |
|
Deductible Closing Costs: |
$0.00 |
| |
|
Total Deductible Costs: |
$0.00 |
| |
|
Total Tax Savings: |
$0.00 |
Investing Compared to Appreciation on the Home
| Rent |
Own |
| Down Payment and Closing Costs Invested: |
$0.00 |
Home Value at End of 7 Years: |
$0.00 |
| Interest Earned at End of 7 Years: |
$0.00 |
Remaining Loan Balance: |
($0.00) |
| |
|
Costs to Sell Home: |
($0.00) |
| Downpayment/Closing Costs Invested at End of 7 Years: |
$0.00 |
Net Appreciation: |
$0.00 |
Rent versus Own Savings
| |
Rent |
Own |
Savings |
| Payments: |
$47,804.58 |
$0.00 |
$47,804.58 |
| Tax Savings: |
0 |
$0.00 |
$0.00 |
| Investment or Appreciation: |
$0.00 |
$0.00 |
$0.00 |
| Total Savings at End of 7 Years: |
|
|
$47,804.58 |
Conclusion
By buying your home versus renting you will have saved $47,804.58 over the next 7
years.
Returning Customers: 