Envision Mortgage Solutions. Go ahead...Envision a better life!

708-597-8884 - S.W.
847-709-2005 - N.W.
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Definitive information about Home Buying, Mortgages, Credit and Financial Recovery.

Get information & straight answers to all of your mortgage questions, no fluff, no hype, no pressure.

 

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Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live.
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Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee and a local Chicagoland company to provide personal service:

Crestwood Office
4731 Midlothian Tpke #32
Crestwood, IL 60445
[708] 597-8884
[contact us] [directions]

Licensed with the Illinois Department of Financial & Professional Regulation # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Professionals www.iamp.biz, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State.

Licensed by the Commissioner of the Indiana Securities Division # 05-0413 LB and is a broker in good standing in accordance with the provisions of Indiana Code 23-2-5.

 
Should I Buy or Rent?
Rent Information
 Monthly Rent($)
 Monthly Insurance($)
 Annual Rent Increase(%)

Home Purchase
 Home Value($)
 Yearly Taxes($)
 Yearly Maintenance($)
 Yearly Insurance($)
 Appreciation(%)

Financial Info
 Loan Amount($)
Interest Rate
 Term in Years
 Loan Points(%)
 Loan Costs($)
 Years Before Sell
 Selling Costs(%)
 Annual Savings Rate
 Tax Rate(%)
Single Joint Filing Status

Estimate Taxes Insurance Maintenance

 

Instructions

Enter estimated Rent, Home Purchase, and Financial Information. This calculator analyzes the total cost to rent versus the total cost to own. To estimate taxes, insurance, and maintenance, select appropriate box. Not all calculated values are displayed. Home appreciation and rent increase values vary by area.

Results
Rent Analysis
Years to Rent: 5
Total Rent and Insurance: $46,550
House Purchase Equivalent: $140,588
 
 
 
Home Analysis
Monthly Mortgage Payment (PI): $959.28
House Appreciation Value: $255,256
Proceeds Minus Costs: $237,388
Loan Balance: $148,887
Equity Appreciation: $48,501
Home Ownership Analysis
Mortgage Payments: $57,557
Taxes and Insurance: $6,250
Maintenance: $3,750
Tax Savings: $8,244
Ownership Investment: $55,563
 
Rent vs Buy Analysis
Monthly Rent Savings: $150.22
Total Rent Savings: $11,845
 
 
Home Purchase Benefit: $36,656
 

Explanation
A positive/negative Home Purchase Benefit indicates the financial advantage/disadvantage of owning your own home. Various intangible factors can be analyzed in this decision such as relocation possibilities, pride of ownership, improved lifestyle, etc.

These calculations are only estimates and can only be used to evaluate the possible results of consolidating certain debts into an equity loan. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation. Please consult your tax advisor for information on the deductibility if interest for tax purposes.

 
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Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee.