Mortgage & Retirement ProfessorMortgage & Retirement Professor

Down Payment Calculator (6a)

Small Down Payment Now or Larger One Later (Buy Versus Rent)

Who This Calculator is For: Borrowers trying to decide whether they will be better off buying a home now with a small or no down payment, or saving for a down payment first and buying later.

What This Calculator Does: This calculator compares a borrower's wealth after a specified period when the borrower buys now and when the borrower saves first.

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + )OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Information About You and the Home You Wish to Buy
Show Modal IconExpected Years in House, Cannot Exceed Term
Estimated Property Appreciation Rate Per Year (e.g. 6.0)
Show Modal IconRate of Interest on Savings (e.g. 3.5)
Number of Months You Rent Before You Buy (e.g. 12)
Current Monthly Rent (e.g. 850)
Show Modal IconIncome Tax Bracket (e.g. 27)
Monthly Real Estate Taxes (e.g. 200)
Monthly Home Owners Insurance (e.g. 45)
Monthly Rental Insurance (e.g. 20)
Loan Information
Buy Now
Purchase Price (e.g. 225000)
Show Modal IconDown Payment (in Dollars)
Down Payment as a Percent of Purchase Price(Calculated Automatically)
Loan Amount(Calculated Automatically)
Interest Rate on Loan (e.g. 7.50)
Loan Term
Show Modal IconMortgage Insurance (Monthly Premium Plan)(Calculated Automatically)
Monthly Mortgage Payment(Calculated Automatically)
Monthly Mortgage Insurance Payment(Calculated Automatically)
Points (Dollar Amount or Percentage of Loan)
Show Modal IconAll Other Closing Costs
Save First
Purchase Price (e.g. 225000)(Calculated Automatically)
Show Modal IconDown Payment (in Dollars)
Down Payment as a Percent of Purchase Price(Calculated Automatically)
Show Modal IconRequired Monthly Savings During Rent Period(Calculated Automatically)
Loan Amount(Calculated Automatically)
Interest Rate on Loan (e.g. 7.50)
Loan Term
Show Modal IconMortgage Insurance (Monthly Premium Plan)(Calculated Automatically)
Monthly Mortgage Payment(Calculated Automatically)
Monthly Mortgage Insurance Payment(Calculated Automatically)
Points (Dollar Amount or Percentage of Loan)
Show Modal IconAll Other Closing Costs
Calculator Design & Programming byDecision Aide Analytics Logo

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