Rent vs. Buy Calculator
If you are in front of a financial possibility to buy a home with all your savings down payments or considering to keep on renting a place to live in. This Rent vs. Buy Calculator will help you see the numbers behind this decision.
Why use rent vs buy calc ?
Rent money and monthly rent payments gives the feeling you are ‘wasting’ money throwing it away, or making some one else rich while you do not enjoy the investments. If you are in the US or in Canada this rent vs. buy calculator is your personal calculation aid.
If you need take a look at the mortgage financial definitions page.
Should you rent or should you buy your home?
It requires a lot more than considering the mortgage loan month-to-month payment to reply to this specific issue. This calculator makes it possible to filter through the mortgage closing costs, property taxation, and monthly bills to be able to enable you come up with a final decision involving these two options. This report will be based upon the initial buying price, fees and taxes payable at that time. Insurance coverage and taxes expenses may vary from year to year.
On the other hand buying a home which means taking a mortgage loan, and being tied up tightly to the banks and lenders companies. When buying a home you usually asked to place 20% cash down at the beginning of the deal. This means you either give all your savings or get into a deeper credit problem if the money is lend by others.
So Rent vs. Buy Calculator is exactly what you need right now to check which money invested is the best for you.
So What Can You Do To Improve Your Situation?
If you will do nothing.. don’t expect anything to happen. The best advice is to bump your credit score up! It will give you better leverage when facing the lenders, and better negotiation position when applying for any financial need.
Lets not forget you are probably paying $500-$1000 extra per year in higher interest rates, and credit payments.
If your score is below 700, you might want to clean it yourself – get this ‘Credit Repair University’ which will save you money and time.
Yes, you might need to invest a small sum to get a grip of things.. But if you think education is expensive.. try ignorance..
You are probably paying thousands of dollars per year in fees and interests to credit companies which could be going straight to your pocket. Don’t be cheap when it comes to financial education..
Ignorance costs more.