Virginia Beach Rental Community

Rental Living.... Is it for you?

Rent Vs Own Calculator Should you buy a home or continue renting? Our Rent vs. Own Calculator will analyze your situation and give you some guidance.  Rent Information:  $ Monthly Rent  $ Monthly Insurance % Est. Annual Rent Increase   Home Information:  $ Purchase Price  $ Yearly Taxes  $ Yearly Maintenance  $ Yearly Insurance % Est. Appreciation % Selling Costs Mortgage Loan Information:  $ Loan Amount % Interest Rate  $ Est. Loan Costs     Loan Term in Years     Years Before Sell   Financial Information: % Tax Rate % Investment Rate* *The investment rate calculates the difference between your mortgage payments and rental payments and assumes that you are earning that rate on your investments. Your Results Buying Analysis Based on the information provided for a 5 year period: You will pay a monthly PI (Principal and Interest) payment of:   $880.00 You will gain a tax advantage of:   $13,136.00 You will gain an equity appreciation of:   $36,855.00 Totaling a net value gain of:   $49,991.00 Selling the home in 5 years will incur closing costs of:  ($4,977.00) Giving you a total net benefit of ownership of:   $45,013.00 Rental Analysis Based on the information provided for a 5 year period: If you chose to buy you would have paid home buying expenses of:   $52,831.00 You will pay rental expenses of:  ($46,397.00) Giving a difference of:   $6,433.00 Investing the average yearly difference of $1,286.00 for 5 years at %8 yields:   $8,152.00 Final Analysis  Because your Total Benefit of Ownership of $45,013.00 is GREATER than your investment yield of $8,152.00, it would be in your best interest to BUY this home rather than to RENT it. The results shown above should be used only for informational purposes. The accuracy of these results is not guaranteed. If you seek additional help or explanation, please refer to your loan officer.