Renting an apartment? Or maybe even a house? This calculator can help you see the difference in renting vs owning. Often times, the difference is so small, it really leaves people wondering why they were renting at all. Those payments could have been put towards a home, building equity toward a real estate investment.

Current Rent: Enter the amount of rent you are currently paying, per month with fees and insurance, excluding utilities.

Est. Tax Bracket: Enter your current tax bracket percentage based on your annual salary. For help determining this figure, click here.

Purchase Price: Enter the estimated purchase price of the property.

% Down Payment: Enter the estimated percentage of the purchase price used as a down payment.

% Interest Rate: Enter in here the interest rate you will be paying on your loan.

Mortgage Term (Years): Enter the Term Duration of your loan. This is typically 30 years.

Your Monthly Payment is calculated for you automatically.

Yearly Taxes: Enter the estimated total amount of taxes for the property.

Yearly Insurance: Enter in the total estimated amount of your annual homeowners insurance.

Total PITI is calculated for you automatically.

How long will you own: This is the number of years you actually intend to live in this property.

This is your rent over the period: Shows you how much you will be paying total in rent and fees over the period defined in How long will you own.

This is mortgage over the period: Shows you how much you will be paying total in mortgage payments, taxes, and insurance over the period defined in How long will you own.

Remember, this calculator is only a guide, and should be used just to gather some basic information. This calculator does not take into account the appreciation of the property, which is an important consideration to make concerning the return on the value of a property and may make this decision different. Contact one of our specialists for more information.