Run the numbers on a purchase, refinance, home equity loan, or debt consolidation.
Compare the total cost of renting with the net cost of buying.
Over 7 years
Owning saves $30,286
Total rent paid
$202,289
Net cost to own
$172,003
Mortgage payment (P&I)
$2,275
Equity when you sell
$136,934
Net cost to own = everything paid in (down payment, buying costs, payments, taxes, insurance, maintenance) minus the equity you walk away with after selling costs. Home values can go down as well as up.
* This estimate is provided for illustrative and informational purposes only and does not constitute a loan approval or commitment to lend. Actual rate, APR, and payment will depend on your credit profile, loan program, and market conditions at the time of rate lock. 1st 2nd Mortgage Co. of N.J., Inc. — NMLS # 115981.