Rent vs. Own Calculator

Should you Rent or Own?

Rent vs. Own Results

Monthly Rent: $1,000.00
Home Purchase Price: $100,000.00
Down Payment: $0.00
Mortgage Interest Rate: 5.00%
Should you rent or own? Own
Average monthly payment savings if owning: $553.18
Estimated total gain over 7 years if owning: $76,138.72
Payment Considerations Rent Own
Initial Rent Payment $1,000.00 -
Renter's Insurance $30.00 -
Mortgage Payment - $536.82
Property Taxes - $104.17
Homeowner's Insurance - $25.00
Before Tax Monthly Payment $1,030.00 $665.99
Annual Home Maintenance - $500.00
Total Payments Over 7 Years $93,089.16 $59,443.02
Total Tax Savings Over 7 Years - $12,820.69
Average After Tax Monthly Payment $1,108.20 $555.03
Investment Considerations After 7 Years
Estimated Home Selling Price $131,593.18
Loan Balance $87,945.02
Estimated Cost to Sell $7,895.59
Down Payment & Initial Closing Costs With Unearned Interest $6,080.68
Investment Gain of Owning vs. Renting $29,671.89
Total Payment Savings of Owning vs. Renting $76,138.72
Combined Gain of Owning vs. Renting $46,466.83

Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. Perl Mortgage is not responsible for any errors, omissions, or misrepresentations.

This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. Perl Mortgage does not guarantee any of the information obtained by this calculator.

Made My House-Buying Experience Great

I used Derek and his company when I purchased a condo on the Las Vegas strip. Everyone said that banks were giving a hard time for people looking for a loan for this building. However, Derek personally called me and walked me through the process, and assured me that I would be able to get the loan. Within 30 days, we not only got the loan but closed escrow. I highly recommend Derek and his team!

Pathjoel from 89158

We are loyal to Derek Parent and his team

Derek is always a pleasure to work with. I’ve known him for several years now and anyone that I know of that is looking to purchase a property I always refer them to Derek. He takes the time to answer questions and really cares about his clients. It’s nice that he stayed in touch with us long after we’ve purchased our properties going through him and his team.

highrisecondoinvestor from 89109

Great Experience, Always on Top of Things, Great Communication

They were always responsive to my needs and allowed for a smooth process. All of the processing took place in a timely manor and there were no hold ups on their end. I would highly recommend this group to anyone in need of a mortgage.

 
matt kinzer09 from 89128