For many, home ownership is not only a great source of pride, but can mean significant tax savings and even a reduction in monthly payments depending on your interest rate and home loan specifications. With owning a home comes the long term investment based on the building of equity as you make mortgage payments and the value of your home increases.

Is home ownership the right path for you? Use our calculator to analyze the total cost to rent versus the total cost to own for a specific period of time. This calculator's final result shows the amount of equity you could build with the purchase of a new home over time. The benefits of buying versus renting can be seen by comparing the Home Purchase Benefit to your Total Rent Savings.

Note: Not all calculated values are displayed; home appreciation and rent increases may vary by area. Equity appreciation is the difference between your loan proceeds and loan balance minus your initial down payment.

Rental Information       Monthly Rent     Monthly Renter's Insurance     Annual Rent Increase (%)   Property Information     Property Value ($)     Monthly Mortgage Insurance PMI     Monthly Taxes     Monthly Hazard Insurance     Monthly Homeowners Assoc Dues     Monthly Maintenance     Home Value Appreciation (%)   Loan Information     Zip Code     Loan Amount ($)     Interest Rate     Loan Term (Years)     Loan Points     Loan Costs     Years Before Sale     Selling Costs (%)     Savings Rate (%)     Tax Rate (%)     Single   Joint   Head of Household   Filing Status
The results displayed above are only estimates and cannot be used to determine actual loan costs or be used as a guarantee. Please consult your tax advisor for information on the deductibility of interest for tax purposes. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.