Rent vs. Buy

Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to make a good financial decision.

If Buying
Purchase Price of Home:	$ * Invalid
Downpayment:	$ * Invalid
Amortization Period:	years* Invalid
Interest Rate:	% * Invalid
CMHC Rate:	%
Buying Closing Cost:	$ * Invalid
Monthly Maintenance/Condo Fees:	$ * Invalid
Annual Property Taxes:	$ * Invalid
Annual Homeowners Insurance:	$ * Invalid
Home Appreciation Rate:	% * Invalid
Years Before Selling:	years * Invalid
Selling Costs (As percentage of price):	% * Invalid
Inflation Rate:	% * Invalid

If Renting
Monthly Rent:	$ * Invalid
Monthly Content Insurance:	$ * Invalid
Annual Rent Increase (by percentage):	% * Invalid

Interest is compounded semi-annually not in advance. The Interest rate is fixed for the term of the mortgage. The interest rate is usually renegotiated at the end of the term of the mortgage.

In this calculation, "Inflation Rate" applies on property tax, maintenance fee, condo fee and CMHC (mortgage insurance) which adds up to mortgage amount. Closing Cost may include Land Transfer Tax (property tax) and lawyer costs. TMI stands for Tax, Maintenance and Insurance.

This calculator is for demonstration purposes only. Always consult a professional financial advisor before making personal financial decisions.

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