MyCaliforniaDreamHome.com

With rents in Los Angeles continuing to rapidly increase, it's making more and more sense for people to purchase homes instead of renting. In addition to building equity in a home you own, you could save significantly on taxes.

The calculator below will give you an idea of the relative costs of renting vs. purchasing a home. We will calculate both the short term (one year) and long term costs and benefits of purchasing compared with renting.

If you have any questions about this calculator, please do not hesitate to contact us at (818)907-1300 or info@mycaliforniadreamhome.com for more information.


	Current Rent:
	Purchase Price of Home:
	Percentage of Down Payment:
	Length of Loan Term (years):
	Interest Rate:
	Years You Plan to Stay in This Home:
	Yearly Property Tax Rate:
	Yearly Home Value Increase Rate: According to quarterly data from the Office of Fedral Houseing Enterprise Oversight, the agency that tracks home price movements, California had a 9.7% appreciation in home value.

Result Returned:	Rent	Buy
Price of Home After Appreciation:
Remaining Balance After Years:
Equity Earned:
Tax Savings (at 28%):
Avg. Monthly Payment Over Time:
Total Payment:
Total Savings On:

Remember that sometimes you pay a little less by renting, but the rent money you pay is not money you will never see again. Buying a home will often be a better financial decision because of the equity you will be building is yours when you decide to sell your home. Note: The calculator above uses these items in its calculations: private mortgage insurance, homeowner's insurance cost, loan closing cost, cost of selling a home, property tax, homeowner's tax saving, and rent increases. Calculator results are estimates only.



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