A Rent vs Buy Calculator has been added to the suite of almost sixty online real estate calculators provided by iCalculator.
This means that you can determine whether it’s financially better for you to rent or buy a home based upon your assumptions.
The Rent vs Buy Calculator provides an easy-to-use form that you can complete in seconds. Once the necessary data is entered, you simply click the Calculate button to get an immediate result: “Better to rent” or “Better to buy”. In other words, you will instantly know which costs you less.
The calculator also includes the solution. That is, it displays the calculations step-by-step so you will understand how the calculator arrived at the result.
The calculation is based upon your potential rental and purchase assumptions for an estimated time period. In other words, the calculation is made for the number of years you expect to hold the house following a purchase (e.g., 2, 5, 10 years).
Unlike some other calculators of this type, our iCalculator Rent vs Buy calculator includes an estimated cost for Private Mortgage Insurance (PMI) when you indicate that your down payment on a purchase will be less than 20%.
So You Know
The Rent vs Buy Calculator is a free update for current users of iCalculator. The next time you login the calculator will be there under the Mortgages category.