Monthly rent
Enter the amount of the monthly rent payment.
Monthly rental insurance
Enter the monthly rental insurance premium.
Expected annual inflation rate
Enter the annual inflation rate. Enter 4% as 4. This is used to inflate the costs of rent, insurance, maintenance, dues and property taxes for the length of time you will own the home.
Purchase price of home
Enter the total purchase price of the home -- not including closing costs.
Down payment amount
Enter the amount you will have available to put down on the house after you have set aside the cash you will need to pay the closing costs.
Length of mortgage term
Enter the number of years you are financing the home for.
Mortgage's annual interest rate
Enter the annual interest rate of the morgage. Enter 8% as simply 8 (do not include percent sign).
Discount points on purchase of home
Discount points are paid up front in order to reduce the interest rate of your mortgage. Each point represents 1% of your mortgage balance. Enter 1% as simply 1 (do not include percent sign).
Origination fees
The percentage (often as high as 1% of the loan amount) that a lending institution charges for processing and originating a loan.
Other loan costs
The total of other loan related costs, such as filing fees, appraiser fees, etc.
Mortgage Insurance
If your downpayment is less than 20% of the value of the home you are buying, you may be required to pay mortgage insurance of somewhere between 0.2% and 0.5% of your principal balance each month. Enter .04% simply as .4 (do not include percent sign).
Homeowner's insurance rate
Your homeowner insurance rate -- entered as a percentage of the value of your home. Typical rate is 0.5%. Enter .5% simply as .5 (do not include percent sign).
Monthly association dues
If you are a member of a homeowner association, enter your monthly dues in this field.
Average monthly maintenance
Enter the amount you expect to spend on repairing and maintaining your home.
Annual property tax
Enter the amount of property taxes you expect to pay each year.
State plus Federal income tax rate
Enter your combined state and federal income tax percentage rate. Enter 28% simply as 28 (do not include percent sign).
Interest rate you expect to earn on savings
Enter the annual interest rate you expect to earn on the down payment and closing costs you will invest if you decide to rent instead of buy. Enter 7% simply as 7 (do not include percent sign).
Expected percentage your home will appreciate by each year
Enter the percentage amount you expect your house to appreciate by each year. Enter 3% simply as 3 (do not include percent sign).
Number of years you will stay at this property
Enter the number of years you expect to rent or own the property you are considering. Typically, if you plan to move out of a home in less than 5 years from the date of purchase, you may be better off renting.
REALTOR® commission rate
Enter the percentage of your home selling price that you expect to pay a real estate agent or broker when it is time to sell your home. Enter 7% simply as 7 (do not include percent sign).
Total estimated cost of renting:
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