This converter requires the use of Javascript enabled and capable browsers. This script calculates the everyday detailed decision of renting or buying a home, based on time and rental or purchase prices. This decision is applicable to young and first time buyers, seniors and the mainstream group between those age groups. There are MANY factors in deciding if home ownership is correct for you at a given time, or if correct for you at all. Is the market appreciating? Is the location what you want? Are interest rates attractive? Do you have a down payment? Is your credit good? Can you afford the repairs if required? Are you committed to the area for at least 5 years? Can you afford the house? Are you in an up home market or a down home market at present? Those are some but there are literally hundreds of deciding factors. Each of those questions (and others) individually is NOT considered THE deciding factor but as a group, the needed decision may or may not be obvious and apparant. Buying a home is not necessarily a start of a growing cash cow; it could be a nightmare as many have discovered. Certain areas of the country (or world) have cyclic down and upturns that can make home buying very risky or certainly untimely. Economies change; mortgage rates and values can fluctuate wildly. Jobs are not certain...
This detailed calculator assumes that you DO have the financial capability to either rent or buy and uses the most common expenses involved in retal and purchase. While home ownership is desireable to many; it is not for everyone. You may or may not be able to sell a home you own profitably (or at all) when you desire to change locations or need to make a change for some reason.
Enter the data on each of the fields under Required Data Entry. If you do not have a specific value for any field, enter a zero (0). Each field has a specific Help With This rollover. Once the data is ready, Click on Calculate. You may also click on Clear Values to clear all the entries and re-calculate. You may also wish to use the shorter, faster "rule of thumb" version, Purchase Or Rent A Home Calculator.
