That is a good question. There are many “Rent vs. Buying Calculators” that can be found online but I can also do the analysis for you which I suggest because you never know how accurate the information is online. The basic principles behind determining this would be to estimate the time you will stay in the home, the amount of appreciation in the home, annual rent increases, your tax bracket, amount of taxes and insurance, and your interest rate. The software I use will then give you a break down of your tax adjusted mortgage payment along with home much equity you accumulate due to appreciation and monthly principle reduction over that time period, usually 5 years. You can call or email me and I am more than happy to send you a free analysis.
About Justin Miller
Located in South Florida, Justin Miller has established himself as a leader in the mortgage community for his expert advice and understanding of the current real estate climate. Contact him.Contact Justin Now!
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Jonathon Becker (Coastal Credit Clinic): Justin- GREAT blog post! This is a HUGE questions many of my clients h...
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Sean: Justin- Great article...would be great to understand the differences i...
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Phil Himes: You are so correct! Many of my clients are currently looking at purch...
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Stock quote: Good blog post, nice efforts. It couldn’t appear to have been penned a...
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Upside Down Guy: This sounds like a great program for someone like me but my lending in...
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