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Are you Ready to Buy?
Use this calculator to help determine if the time is right to buy a new home. You will easily be able to tell if it makes sense
to take the plunge into home-ownership. One of our Mortgage Consultants can further guide you in this big decision.
to take the plunge into home-ownership. One of our Mortgage Consultants can further guide you in this big decision.
Definitions
Your Current Monthly Rent
The amount you are paying monthly in rent.
Estimated Annual Rent Increase
Amount rents are expected to increase annualy based on
traditional average inflation rates.
Number of Years Before you Move
The length of time you would stay in your current residence or the
home you will purchase.
Amount of Cash Available for Down Payment
The amount of money, in liquid assests, you would have readily
available for the down payment on a home purchase.
Estimated Annual Return on your Investment
Rate of return you expect to recieve if you placed your potential
down payment funds into an investment vehicle such as a mutual
fund or stocks. Historically rates of return have varied widely. As
well, a positive rate of return can not be guaranteed.
Your Personal Income Tax Rate
This is the percent of your gross income that will be paid in taxes to
the federal and state governments. You can estimate this by looking at
your recent pay-stub. Simply divide the total amount paid in state and
federal tax by your gross pay. The resulting number is your tax rate.
Estimated Property Appreciation Rate
The growth in the value of your home that you expect to see on a
yearly basis expressed as a percentage.
Estimated Home Maintenance Expenses
The amount you expect to spend annually maintaining and
repairing the home you purchase.
Estimated Selling Costs as a Percent of Home Value
The percent of your home's sale price that will be paid to a realtor
for the sale of your home.
Your Current Monthly Rent
The amount you are paying monthly in rent.
Estimated Annual Rent Increase
Amount rents are expected to increase annualy based on
traditional average inflation rates.
Number of Years Before you Move
The length of time you would stay in your current residence or the
home you will purchase.
Amount of Cash Available for Down Payment
The amount of money, in liquid assests, you would have readily
available for the down payment on a home purchase.
Estimated Annual Return on your Investment
Rate of return you expect to recieve if you placed your potential
down payment funds into an investment vehicle such as a mutual
fund or stocks. Historically rates of return have varied widely. As
well, a positive rate of return can not be guaranteed.
Your Personal Income Tax Rate
This is the percent of your gross income that will be paid in taxes to
the federal and state governments. You can estimate this by looking at
your recent pay-stub. Simply divide the total amount paid in state and
federal tax by your gross pay. The resulting number is your tax rate.
Estimated Property Appreciation Rate
The growth in the value of your home that you expect to see on a
yearly basis expressed as a percentage.
Estimated Home Maintenance Expenses
The amount you expect to spend annually maintaining and
repairing the home you purchase.
Estimated Selling Costs as a Percent of Home Value
The percent of your home's sale price that will be paid to a realtor
for the sale of your home.