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Your financial adviser or tax accountant or good old legal tablet & pencil. My dad could have done it in his head
John DL Arendsen
Thomas J. Nelson, Real...
La Jolla, CA
Ron did that on his HP calculator. and I think that you have excellent suggestions here. A
John DL Arendsen
John DL Arendsen Here's a link to an Excel spreadsheet that may work for you.
I had my lender and my CPA coolaborate on a short slide Powerpoint for me.
Our MLS software (Matrix) has a feature where you can generate a report that will show you the advantages of buying vs renting.
the have apps for this one
I would contact a trusted mortgage banker or broker.
Looks like Michael Setunsky has a great spreadsheet linked and Ken Jones has one for you too.
My view: I look at what someone could get a mortgage on a home for versus what they're paying in rent. A big enough difference and it makes sense.
Just google Rent vs Buy and there only zillions of charts/images to choose from. I collected a lot of them on my pinterst board.
John DL Arendsen - there are a few, including Mortgage101. (And sure enough Ken may have sent you the spreadsheet by now.)
Doesn't the NAR put out a pamphlet on this?
How indepth do you want to get with this John, easy to make your own.
I use paper and a calculator for a rough idea. Double checking with an accountant can't hurt!
I would think a spread sheet would be the best.
that's what accountants are for..... and each financial picture results in a different bottom line....
I like using the local numbers right out of the mls.
parked and reading...
Use your financial calculator.
I've seen this app on lenders' web sites.
Really explainiing that the costs for the owner are about the same as for a buyer and that renting you are paying for the house for the owner.
Many coaches and seminars can show you the way on this topic. ..
Rents are found in classified for rent ads and buy data MLS. Also, a good loan officer can show payments, money done, costs etc.