This calculator compares the average monthly cost of buying a home versus renting. It assumes an annual 2% increase in both rent and the value of your home. A 20% down payment is assumed and your home repair costs are calculated at 7.11% of your home's value.
This loan calculator assumes compounding and payments occur monthly. Your actual loan may vary but this estimate should still give you a good idea of about how much you can afford. The results of this loan payment calculator are for comparison purposes only.