Freddie Mac has a great online calculator that I found. It helps determine whether you are better off renting vs. buying. Interesting little tool – I recommend you check it out.
Find it in the resources section of their homepage at;
While playing with it, I assumed a 2,100 /per month rental vs buying a house for 359,900. The calculator takes into account, taxes, insurance, maintenance, cost of sale, and loan terms. Its response to my test was,
Owning will save you $331,428 compared to renting over the 7 years in today’s dollars.
Pretty good huh?
-Questions? Call me!