Rent vs Buy Calculator
Buying your first home is an exciting time – but it can also be complicated – my job is to make it easy for you.
A Rent vs. Buy Calculator helps you determine whether it’s financially wiser to continue renting or to buy a property. By comparing the costs associated with both options, you can make informed decisions about your housing future.
You may wish to use some of our other calculators to work out some of the figures beforehand, otherwise it is safe to use the auto-populated figures to get an idea of where you sit.
To start with, enter any savings you have in the bank. If you have a high-interest savings account as well, then enter the interest rate you’re earning.
Tips
Look for the “break-even” point – the time it takes for the costs of buying to equal the costs of renting.
Modify the inputs to see how different scenarios affect the outcome. What if you had a shorter loan term or higher savings/deposit?
What are your future plans? If you intend to stay in the area for a short period, maybe renting could be more advantageous. Conversely, if you plan to settle for many years, buying might be a better choice.
Get in touch with us today if you’d like to discuss your plans in more detail!