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.

Marilyn Cortez Headshot
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 ...

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833 N. Ware Rd.
McAllen, TX