Rent vs Buy

 

The U.S. Department of Housing and Urban Development says it best: “A home is an investment.”

When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes.

“This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years.”Finally, you’ll enjoy having something that’s all yours—a home where your own personal style will tell the world who you are.”

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Tools and Calculators

  • http://www.mortgagecalculator.org/calculators/buy-vs-rent-calculator.php

PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend.