Are you considering buying your first home? A rent vs buy calculator helps those debating the pros and cons of renting and buying property. It takes into account several factors in order to best assess your comprehensive financial situation. Essential figures include:
- How much you want to spend on your home
- The size of the down payment you can afford
- Preferred length of your loan term
- Ideal rate on said loan
- Property taxes of the area
- Other financial information such as a vehicle, credit cards, student loan, and other payments that affect your finances.
This calculator is designed to help you understand your unique position and provide a holistic approach to the question of whether you should continue to rent, or if buying a home is right for you.