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A handy calculator to help decide if you should buy now or rent for a while


kailix
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hi, I came across this calculator and thought it was helpful for those "should I save for down payment/increase my credit score or buy a home right now?" questions that so many of us have. It takes some guesstimating, of course, but it's a useful way to think about whether it's worth trying to save more of a down payment or get FICOs up to reduce interest rates, or just buy a house now.

here's the link:

http://www.decisionaide.com/mpcalculators/MPBuyVsRent/MPBuyVsRent.asp

One failing is that it doesn't take into consideration whether you are paying for the same living space, e.g. my rent is 1050, mortgage would be 2500, but that would be for 3x the space, plus a yard, etc. One way to get around this is to put in the rent amount you would pay for the equivalent space.

hope someone finds it helpful!

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