Rent vs. Buy Analysis
Pro Tip
Remember that buying a home involves additional costs beyond the mortgage payment, including maintenance, repairs, and property taxes. Renting may offer more flexibility but doesn't build equity.
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect Local Lending Co. product terms. The information cannot be used by Local Lending Co. to determine a customer's eligibility for a specific product or service.
Understanding the Rent vs. Buy Decision
Make an informed decision about whether to rent or buy your next home. Our comprehensive calculator helps you compare the total costs of homeownership versus renting, taking into account factors like mortgage rates, property taxes, and potential rent increases.
Key Factors to Consider
- Down payment requirements and mortgage interest rates
- Property taxes and maintenance costs
- Rent increases over time
- Home value appreciation potential
- Length of time you plan to stay in the property
How to Use This Calculator
- Enter your potential home price and down payment amount
- Input current mortgage rates and loan terms
- Specify your local property tax rate
- Enter current rent and expected annual increase
- Choose your comparison timeframe