Plano Home LoanPlano Rent vs Buy

You will probably be surprised when comparing how much you pay in rent and the amount of home you can buy.

Please let us know if you have questions…we are here to help!

Tips for Rent vs Buy Calculator –

  • Mortgage Rate – look on the right side for today’s mortgage interest rates for Plano Homes.
  • Did you know you may be able to qualify for a FHA Home Loan with a 3.5% down payment?  Use 3.5% as a minimum.
  • Annual Plano Home Price Growth Rate– for the past 12-14 months, we have seen home prices increase 10%+/-…be conservative and move the slider bar to 6%.
  • Rent increase – 3% – 5% is normal and reasonable for annual rent increase
  • Years From Now – hold your pointer over the years to see whether is makes sense to rent or buy
  • Annual property tax – use 2.25% for estimated property tax for a home in Plano, TX.
  • Closing Costs – Buyer closing costs are about $2300 (includes lender and title fees).  Seller closing costs are 6% (selling/marketing fees) + 2% title fees = 8%.
  • Home Owners Insurance – yearly premiums are roughly 1% of the sales price.

Click Here to visit the Rent vs Buy Calculator.

http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html

 

Leave a Reply

%d bloggers like this: