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Rent vs. Buy

How much can I afford? What is my mortgage payment? Should I refinance? Rent vs. Buy Debt Consolidation Closing Fees

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Renting

Renting Assumptions



Buying

Buying Assumptions

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The return on investment of your purchase will be in

8 years
Year 14

After 14 years, buying represents a benefit of $ 2,190

The net costs are:
For Buy: Total costs – net property value.
For Rent: Total costs – net investment value.

Total costs are the sum of the amounts invested, expenses/rent and in the case of buying, cost of sale. Equity, in the case of buying, represents the net property value, and in the case of renting, the value of the investment.

BuyRent
Amount invested
The amount invested includes the down payment and the capital repayment.
$ 98,458$ 40,000
Total expenses/rent
Total expenses include property taxes, school taxes, maintenance fees, land transfer tax, home insurance, condo fees and rentals, premium on Mortgage loan Insurance, if applicable.
$ 240,547$ 244,843
Selling costs$ 11,494
Total cost$ 350,501$ 284,843
Property value$ 229,894
Mortgage balance$ 101,541
Net property value$ 128,352
Investments$ 40,000
Investment income$ 20,504
Total value of investments$ 60,504
Net costs$ 222,148$ 224,339