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Mortgage Master

Calculators
Rent vs. Buy

Rent vs. Buy

Input Information
Rent Info
$
%
Property Information
$
$
%
Yrs
%
Loan Information
$
%
Yrs
%
Taxes And Insurance Information
%
  Taxes and Insurance: $0.00 $22,500.00  
  Total PMI: $0.00 $3,229.17  
  Total Maintenance: $0.00 $4,500.00  
  Total Payments: $51,996.70 $110,752.41  
  Average Monthly Payment: $866.61 $1,845.87  
  Monthly Rent Savings: $979.26  
  Tax Savings: $0.00 $4,550.00  
  Total Rent Savings: $54,205.71  
  House Appreciation Value: $382,884.47  
  Proceeds Minus Costs: $356,082.56  
  Loan Balance: $229,571.83  
  Equity Appreciation: $126,510.73  
  Home Purchase Benefits: $72,305.01  

Is it financially better to buy a home or to rent? The answer to this question depends upon how much the home costs, how much you are paying for rent, and how much you will have to pay each year in order to maintain your home.

If you were to pay $800.00 per month, for example, and the average rental payment increase was 4.000%, you would pay $51,996.70 in a 5 year period toward rent. If you purchased a home and borrowed $250,000.00 with a 5.000% interest rate, and you paid $900.00 every year toward its maintenance, you would pay $110,752.41 in a 5 year period toward mortgage payments if your Federal tax rate is 26.000%, you pay $3,000.00 in taxes each year and your annual insurance rate is $1,500.00.

When you consider your tax benefits and the appreciation of your home, however, you will actually SAVE money by purchasing a home. If your home shows an annual appreciation of 5.000% and your selling cost is 7.000%, your house appreciation value will be $382,884.47. As a result, your total home purchase benefit will amount to $72,305.01.

Feel free to contact us with any questions you may have regarding this calculator.

Rent vs. Own? Now is the Time to Buy!

“Should I keep renting, or should I buy?” This is a recurring question of anyone with a landlord. The answer to that question is most assuredly, you should buy. Learn more about the benefits of home ownership here.

Buying a Home that's Perfect for Your Family

The key in making the right decision lies in weighing all the family-related factors that go beyond basic real estate considerations. Here are some items that should be a part of your home-buying process.

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Testimonials

"As a professional realtor I have to worry about many moving parts when it comes to getting a customer a property, and closing the transaction so that they live in the home of their dreams. Luckily for me, Mortgage Master takes the worry about getting financing off my back. They are professional, responsive, and always deliver. And, when I refer clients to Mortgage Master, I often get praise for saving them money on fees or interest rates, or both!! Can't beat that! "
— Jeff P. (Jackson Heights, NY)
"I have used this company before and since then I have recommended Mortgage Master to numerous friends and all ended with excellent results. Out of the many mortgage bankers and mortgage brokers out there, I found them to be by far the most honest, most knowledgeable and hardest working people in the business. Every time I refer them to friends of mine, I am later thanked for recommending them because their loans got closed honestly, quickly and at the best rates out there. Therefore I will continue to recommend them and use them in my next purchase!"
— Blake S. (Pelham, NY)
"As a lifelong resident of Williamsburg, it's refreshing to see that people still do really care about their customers. Mortgage Master is one such company."
— Lisa J. (Brooklyn, NY)
"I have been working for 10 years in Brooklyn as a top producing real estate agent and I always refer Mortgage Master. They are extremely honest, patient and communicate better then any other mortgage professionals I have ever worked with in the industry. You will be glad you work with them for all of your financing needs in NYC!"
— Philip H. (Brooklyn, NY)
"This was by far the best service I have seen for a mortgage company, I have worked with a few companies and several brokers, but this one certainly deserves 5 stars. The company was very professional in handling the entire process efficiently and we were done with no issues and no stress... with the best deal I could find."
— Sharad G. (Needham Heights, MA)
"These guys at Mortgage Master are professionals that go above and beyond your expectations for the best rates and service. They take the guess work out of financing and you can just focus on purchasing your new home."
— Drew D. (New York, NY)
"Taking out a mortgage is not fun, but they make it easier and less intimidating. If I had to do it again I would chose Mortgage Master. I give it a grade A ++!!!"
— Evie U. (Somerville, MA)
"Even if you don't read any of the other reviews, you'll get a good idea of how great Mortgage Master is by meeting them. No nonsense, patient advice from a staff that's done this many times over, and can help you negotiate the sheer ridiculousness of the process."
— Earl M. (Brooklyn, NY)
"Super helpful and straight shooters. Actually cared about my mortgage and what was best for me. Who knew there were actually good honest people in the mortgage world. Thanks again!"
— Peter A. (Bronx, NY)
"They were patient and very knowledgeable. With all the recent changes, it's wonderful to have a team of people who understand all the details and who can make your case with the underwriters. When I was ready to give up after yet one more underwriter question/concern, they kept going, navigating through each step of what has become an insane process. I will be recommending them to anyone who is looking for a mortgage in the future."
— Sue N. (Jersey City, NJ)