Rent vs. Own Comparison Chart

Rent Versus Own Results

Customized rent versus own analysis is based upon:

An initial monthly rental payment of $1,500.00 You are considering buying a home valued at $200,000.00,
with a down payment of 3.5% or $7,000.00. Your monthly mortgage payment of $1,036.07 includes both
principal and interest and is based upon a loan amount at an interest rate of 5%.

Summary

By buying your home versus renting you will have saved $102,513.52 over the next 7 years. The breakdown of this analysis
is provided below.

Please bear in mind that your decision to buy a home is not only a financial one. There are many emotional reasons for wanting to own the home that you live in, even when the numbers don’t justify the purchase. Please view this analysis as one piece of information to consider as you make this important decision.

Payment Comparison – Before Tax Savings

Rent

Own

Initial
Rental Payment:

$1,500.00

Mortgage
Payment:

$1,036.07

Renters
Insurance

$30

Homeowners
Insurance:

$53.33

Monthly
Property Taxes:

$208.33

Total
Monthly Payment:

$1,530.00

Total
Monthly Payment:

$1354.03

Total
Payments Over 7 Years:

$138,373.74

Total
Payments Over 7 Years:

$124,938.38

 

 

Rent versus Own Savings

Rent

Own

Savings

Payments:

$138,373.74

$124,938.38

$13,435.36

Tax
Savings:

0

$30,268.48

$30,268.48

Investment
or Appreciation:

$18,852.07

$77,661.74

$58,809.68

Total
Savings at End of 7 Years:

$102,513.52

 

Conclusion

By buying your home versus renting you will have saved $102,513.52 over the
next 7 years.

 

Zero down loans are still
available for VA borrowers

 

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