OWN VS. RENT
When You Own Your Home, You're in Charge!
Enjoy the pride and security of owning your own home.
Have the confidence of knowing what you will be paying each month.
As a Bonus, when home values rise, you build equity in your home.
Eight Benefits of Owning Your Home
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Count on a consistent monthly home loan payment
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Your Payment remains the same with fixed-rate loans
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Pay your own mortgage not your landlord's
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Build equity when home values rise
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Avoid annual (or more frequent) rent increases
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Avoid termination of your lease
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Gain tax advantages of owning a home
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You can refinance when rates go down
Owning a Home is a solid, long-term investment in your future.
Own vs. Rent Example
Own
$295,680
Total Paid Over 10 Years
Gain a savings of $69,784 when you own versus rent.
Plus, when home values rise, you build equity in your home.
Rent
$365,464
Total Paid Over 10 Years
The national average rent for a single-family house is currently $2,018 per month. With a projected increase of 8.86% per year, after 10 years, your rent would increase to $4,332 per month. This means that after 10 years, your total rent paid would be $365,464.
For example, for a loan amount of $411,000, 30-year fixed rate loan at 6% (6.075% APR) with Loan-to-Value of 97%, your monthly payment will be $2,464*. In 10 years, your payment will remain $2,464 per month, and the total paid on your home loan would be $295,680. That is a savings of $69,784.
