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Renting vs. Buying Calculator

If your current rent payment were going toward a house payment instead, what size mortgage would you be paying? Use this calculator to find out.

Use your mouse or tab key to move from box to box and enter numbers.

Your current situation:

Current monthly rent payment (e.g., $825)
Savings currently available to purchase a home (e.g., $4,000)

The type of loan you would pursue:

Length of loan (choose 15 or 30 years)
Interest rate (e.g., 7%)
Number of closing points (e.g., 2)
Other closing costs (e.g., $250)
Annual property taxes (e.g., $1,000)
Annual homeowner's insurance (e.g., $400)

These calculators are provided to give you some general guidelines and cannot predict factors unique to your finances. For more information or assistance with your personal finances, please contact your banker.

Copyright 2002 by American Bankers Association
Created by Propel Technologies, Inc.