OWN VS. RENT
When You Own Your Home, You're in Charge!
Enjoy the pride and security of owning your own home.
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Have the confidence of knowing what you will be paying each month.
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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
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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
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$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.
