Have you been considering buying a house or condo but you’re not sure which makes the most sense for your financial situation right now? You’re not alone. When deciding whether to buy a home or continue renting, there are a number of important factors to consider. Do you plan on moving to a new city in the near future? How much will your mortgage payment be compared with your current monthly rent? Do you have enough saved for a down payment? Will you have enough money (or skills) for maintenance and repairs after you become a homeowner?
Rent vs. Buy Calculator
This handy renting vs. buying calculator from our partners at Balance financial education is an easy-to-use interactive tool that lets you compare costs and adjust variables, such as interest rates and down payments, to analyze renting and buying in different financial scenarios. You can even email yourself a report when you are finished. Click on the button below and try it out!