Mortgage Calculator

Calculators

Required

Term In Years:
Interest Rate:		%
Cost of Home:	$
Down Payment:	$	( 3.33%)
PMI (Mortgage Insurance):	$
Estimate PMI to .5% of Loan
Annual Insurance:	$	( 0.00%)
Estimate Insurance to 0.43% of Cost
Annual Property Tax:	$	( 0.00%)
Estimate Tax to 1.2% of Cost
Monthly Income:	$
Monthly Debt (exclude current rent/utilities):	$

Optional

Gross Debt Service Ratio (GDS):
Total Debt Service Ratio (TDS):
Condos Fees:	$

Definitions

What is PMI? What is GDS? What is TDS? Current Interest Rate?

Results

Your Monthly Payments

Loan Amount:		$145,000.00
Principal & Interest:	$869.35
Homeowners Insurance:	$0.00
Property Taxes:	$0.00
Condo Fees:	$0.00
Total PITI Payment:	$869.35	$869.35
Monthly Loan Insurance (0%):		$ 0.00
Total Monthly Payment:		$869.35

Monthly Rent:

$

No. of Years you plan on keeping the home:

Annual Rental Increases:

%

Yearly Appreciation on the Home:

%

Monthly Renter Insurance:

$

Annual Home Maintenance:

%

Savings or Investment Rate:

%

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Your Results
Your customized rent versus own analysis is based upon:
An initial monthly rental payment of $500.00. We assume that your rent will increase by 2.5% per year.
You are considering buying a home valued at $150,000.00, with a down payment of 3.33% or $5,000.00. Your monthly mortgage payment of $869.35 includes both principal and interest and is based upon a loan amount at an interest rate of 6.0%. Because your down payment is less than 25 %, we have included Mortgage Insurance to be paid on a monthly basis.

Summary:
By buying your home versus renting you will have saved $133,512.73 over the next 10 years.
(Net Appreciation - Total Investment Return + Total Rental Payment - Total Mortgage Payment)

Breakdown of this Analysis:
Total Rental Payment: $70,820.29			Total Mortgage Payment: $116,321.79
Down Payment: $5,000.00			Home Value: $217,500.00
Interest Earned: $3,144.47			Remaining Loan Balance: $145,000.00
Total Investment Return: $8,144.47			Net Appreciation: $72,500.00