Rent Or Buy Calculator

If you’re struggling with the decision between buying a home or renting, you can better weigh your options with Middlefield Bank’s rent-or-buy calculator. Enter your monthly rent and renter’s insurance payments. Then, plug in the price of a home plus the down payment, interest rate, loan payments, points, and closing costs. After that, enter information about the home, including annual property tax, estimated monthly home maintenance costs, monthly insurance payment, and other costs (such as HOA dues). Then, enter state and federal taxes, investment rate of return, and how many years you plan to stay on the property. Lastly, add a real estate agent’s commission and the closing costs for selling. The calculator will crunch the numbers and present them in graph form.  You’ll have a complete picture comparing how much you will spend and save when buying versus renting, home appreciation vs comparison investment, and a total cost analysis. It’s a lot of data, but it presents a complete and concise picture to help you make the best choice.

If you’ve decided to go with the “buy” option and would like to learn more about mortgage options available through Middlefield Bank, schedule an appointment with one of our lending officers. We offer a wealth of information and resources for prospective homeowners.