| Purchase Price
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The total purchase price of the home that you wish to buy.
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| Interest Rate |
The expected percent interest rate you will get on your mortgage.
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| Down Payment |
The percent down payment you wish to put towards the home. This affects whether or not you will have to pay PMI or not. If you pay 20% down or more you will not have to pay PMI (Private Mortgage Insurance).
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| House Appreciation |
The percent of appreciation the home will gain every year you own it.
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| Term |
The number of years it will take to repay the loan amount (30 years is common).
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| How Long? |
How long do you plan on living in this location?
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| Monthly Rent |
The monthly amount that you pay in rent.
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| Rent Rate Increase |
The rate as a percentage that your rent will increase each year. 2.6% is average.
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This calculator will assist you in determining if renting or buying a home is a better option for you. Mouse over the item to get a description. This also does not take into account the money you might be eligible for if you qualify for the Federal Homebuyer credit. Click here for more information about the available Tax Credits.
Calculations by this calculator are estimates only. There is no warranty for the accuracy of the results or the relationship to your financial situation.
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