Buy vs. Rent: Rent Calculators & Loan Estimators
Sarah
25 April 2008
Buying Tips, Tips and Ideas
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The difference in cost in renting and owning a home could make a world of difference to your financial situation. It is important to recognize the many different situations that, although they may seem cheaper at the time, will actually cost you more in the long run. Using loan calculators and rent-versus-buy calculators can give you some insight into how taxes, tax breaks, equity and general expenses can factor into this major financial decision.
Here are a few financial calculators that are simple enough to understand, but thorough enough to show you where your money typically goes when you buy or rent a home:
www.ginniemae.gov
Ginnie Mae is a government-backed security with a fantastic website, including several easy-to-understand charts and calculators that will give you a better idea of whether you should rent or buy. Three of the most useful calculators are the Loan Affordability Calculator the Rent Versus Buy Calculator and General Affordability Calculator.
These calculators help determine payments based on several simple variables, with a simple, itemized view of what-costs-what. And if your kids are looking to learn about their money, they can check out Ginnie Mae’s Super Cool Educational Cartoons to learn about saving and investing!
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