Should I rent or buy a home?
If you're trying to decide whether to rent or buy, this calculator can help you see the big financial picture.
While this calculator can help you compare the costs of buying versus renting, all numbers provided here are estimates. Please talk to a Mortgage Loan Officer about what your actual costs may be.
Tips for using this calculator
To help estimate annual rent increases, try doing an online search for "average rent increase" in your area.
To help estimate annual appreciation rate, try doing an online search for "annual appreciation rate" in your area.
Annual homeowners insurance premiums can vary significantly depending on the location and age of the house, and the type of coverage you choose. The Colorado Division of Insurance offers a reporting tool(opens in a new window) that lets you browse costs in your area.
Annual property taxes are calculated based on assessed value in Colorado. To find the assessed value, take the value of the home you are interested in purchasing and multiply it by the current residential assessment rate. Then multiply this assessed value by the tax rate in your area. A quick online search for “annual property taxes” in your area can help you estimate this number.
Annual maintenance costs will also vary based on the home you purchase. Consider factoring in $1,000 or more for this field.
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.