Rent vs Buy ....


The following calculation is designed to show how much you could borrow if you changed your rent payment into a mortgage payment.

Current Monthly Rent Payment $
Interest Rate %
Mortgage Term (Years)
  30 20 15 10
The Monthly Rent Payment listed would relate to a Mortgage Amount of

Based on a Fixed Rate Mortgage, without mortgage insurance, at the given interest rate and mortgage term. An estimate of real estate taxes and homeowners insurance is also included. This is a very simple calculation illustrating only one type of loan product. There are many more products available which should be considered or which may allow more flexibility.