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Rent vs. Buy

Input Information
Rent Info
Monthly Rent : (R)
Annual Rent Increase : (%)
Property Information
Home Value : (R)
Annual Maintenance : (R)
Annual Appreciation : (%)
Years Before Sell : (Yrs)
Selling Cost : (%)
Loan Information
Amount : (R)
Interest Rate : (%)
Length : (Yrs)
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Financial Analysis (Switch to Plain English)
  Rent Buy
Total Maintenance : R0.00 R4,500.00
Total Payments : R51,996.70 R85,023.24
Average Monthly Payment : R866.61 R1,417.05
Monthly Rent Savings : R550.44
Total Rent Savings : R33,026.55
House Appreciation Value : R382,884.47
Proceeds Minus Costs : R356,082.56
Loan Balance : R229,571.83
Equity Appreciation : R126,510.73
Home Purchase Benefits : R93,484.18
Plain English Help (Switch to Financial Analysis)

Is it financially better to buy a home or to rent? The answer to this question depends upon how much the home costs, how much you are paying for rent, and how much you will have to pay each year in order to maintain your home.

If you were to pay R800.00 per month, for example, and the average rental payment increase was 4.000%, you would pay R51,996.70 in a 5 year period toward rent. If you purchased a home and borrowed R250,000.00 with a 5.000% interest rate, and you paid R900.00 every year toward its maintenance, you would pay R85,023.24 in a 5 year period toward mortgage payments.

When you consider your tax benefits and the appreciation of your home, however, you will actually SAVE money by purchasing a home. If your home shows an annual appreciation of 5.000% and your selling cost is 7.000%, your house appreciation value will be R382,884.47. As a result, your total home purchase benefit will amount to R93,484.18.

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