MyCalx

Today's Rate or Tomorrow's Price

Is it cheaper to wait for a lower home price tomorrow or to lock in a lower mortgage rate today?

Use this calculator to compare a home purchased at the current price to the same home one year from now at a lower price, yet potentially higher rate.

Enter Today's Home Price

less a

drop in value

Enter the Down Payment Factor - Same dollar amount will be applied to both scenarios.

Down Payment Percentage =

Dollars Down

Loan Amount will Equal

Enter Rates and Loan Term - Today's rate and your expectation for rates one year from now

Interest Rate
Loan Term
Monthly Principal & Interest

Enter the Property Expenses

Annual R.E. Taxes
Hazard Insurance
Grand Total Monthly Payment

Monthly Payment Difference

Enter the Cost of Renting the Same Home and Compare the Annual Expense

Total Payments at 12 months

per month for rent

Calculate Totals for any Number of Years

Years to calculate for

Total Interest Paid

Total Payments Made
Total Principal paid
Total Cost (payments - principal paid)

Total Cost Difference

As you can see, with rates rising, waiting can have its own cost. This can be true even if the price you pay for a home next year is less than it is this year. In many areas, it's now less expensive to finance a home than it is to rent one. Taking action while there are still abundant sellers that may also be concerned about lower prices can allow you to strike a great deal right now. Once that attitude turns and especially if rates increase too, the cost of buying a home may begin to rise at a pace that some of us will no longer be able to afford.