Buy vs. Rent Calculator
4/25/2024 - By Fintactix - SouthState Mortgage Insights and Articles
Deciding whether to continue renting or to purchase a home is is one of adulthood’s biggest decisions. While each option offers its own set of advantages, the decision often comes down to what makes the most financial sense.
A rent vs own calculator can show you an estimate of your current costs as a renter in comparison to monthly costs as a homeowner, including the long-term effects on your budget. Will you ultimately save money over the course of a mortgage or do you need to save up for a larger down payment first?
A rent vs own calculator can show you an estimate of your current costs as a renter in comparison to monthly costs as a homeowner, including the long-term effects on your budget. Will you ultimately save money over the course of a mortgage or do you need to save up for a larger down payment first?
As a renter, your monthly housing costs may only include your rent and rental insurance. As a homeowner, however, you must account for your mortgage payment, homeowner's association fees, insurance and interest on your home loan. Other factors include the term of your loan and how much you can afford as a down payment.
If you’ve plugged in your estimated costs and determined that buying a home is the next logical step for your family, SouthState has many first-time homebuyer resources. You can find a mortgage banker in your community to begin the process of choosing a loan that suits your family's needs.
Curious about what you need to know as a first-time homebuyer? Find Homebuyer 101 resources here.
If you’ve plugged in your estimated costs and determined that buying a home is the next logical step for your family, SouthState has many first-time homebuyer resources. You can find a mortgage banker in your community to begin the process of choosing a loan that suits your family's needs.
Curious about what you need to know as a first-time homebuyer? Find Homebuyer 101 resources here.
