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Should you buy or should you rent? Only you can answer that question, but our Rent vs Buy Calculator will help you make this important financial decision. We’ll take the important costs associated with renting each month and compare with the complexity of buying a home, so you know which decision is best based on your situation.
These calculations are tools for learning more about the mortgage process and are for estimation purposes only. Payment shown does not include mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.
For example, a Conventional fixed rate loan with a loan amount of $200,000, on a loan term of 360 months, with a credit score of 740+, down payment of 20%, and an interest rate of 3.375%, will result in an annual percentage rate of 3.452%. Rate pulled 6/18/20, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.
Here is your estimated costs of renting vs buying based on the numbers you provided. Want to see more options? Just enter new numbers to calculate and compare.