Rent Vs Buy Calculator

Rent Vs Buy Calculator

Rent vs. Buy Calculator

Is it cheaper for you to rent or buy? We'll show you how many years it will take before the cost of buying equals the cost of renting - the breakeven horizon. If you'll stay in your home past the breakeven horizon, consider buying; if you'll move sooner, renting might be a better option.

After 1 year and 3 months, buying will be cheaper than renting.

Cost: After 1 year, your total cost of homeownership (down payment, mortgage, taxes, etc.) for a $114,700 home in Mcallen, TX would be $38,565. Your total cost to rent would be $17,711. Renting leaves you with $20,854 in your pocket (including the money you didn't spend on a down payment).

Gain: After 1 year, if you buy, your home will have $30,348 in equity (available to you when you sell). However, if you instead rent and invest your down payment and the other money you save, at a 6% return rate it will earn around $1,160 in 1 years.

Bottom line: Looking at your gross costs, equity and investment potential, it's better for you to buy than rent if you plan to live in your home more than 1 year and 3 months.


http://www.zillow.com/rent-vs-buy-calculator/




Marilyn Cortez Headshot
Author:
Phone: 956-587-1633
Dated: November 19th 2015
Views: 353
About Marilyn: Always ahead of the highly competitive RGV real estate market, Marilyn Cortez is a Spanish speaking ...

Property Search









RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Mortgage Rates Will Rise In 2021 - Advertiser DisclosureMortgage
Your Local Mortgage Lender - From your local mortgage lender :
6 Things Every Home Buyer And Seller Need To Know About Todays Housing Market - By Clare Trapasso | 
4 Simple Ways To Invest In Real Estate - 4 Simple Ways to Invest in Real

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

CORTEZ TEAM
833 N. Ware Rd.
McAllen, TX
956-246-4218
956-928-1422