Rent vs. Own Calculator

Looking for more information about in Edmonton? Use our free online rent vs own mortgage calculator.

If you’re tired of paying rent and would like to buy a home in Edmonton or anywhere in Alberta, Mortgage Tailors can help. We will help you achieve home ownership with a great interest rate and show how buying a home is almost the same price as paying rent.

Qualifying for home a home still requires solid employment, good credit, down payment but we can help by implementing a plan for you to follow to achieve home ownership vs paying rent. Often the payment is the same or close to the cost of rent.

You just need to have secure employment or strong income, down payment from one of the following, saved funds, gifted or borrowed. You must have good credit to show the lenders that you know how to pay bills on time and accept the responsibility of doing so. Paying rent is like throwing your money up in the air. It is a waste of money if you have the option to purchase a home.

When you are paying rent you’re paying your landlord’s mortgage whereas you could be paying your own and creating equity for you and your family. Why not focus on buying your own home and reap the benefits.

One of the benefits of homeownership is market appreciation meaning the value of the home increases over time. The second is mortgage paydown. Each payment you make to your mortgage puts some to interest and some to the principal, like a forced savings plan. Over time, you pay down the principal amount you originally borrowed from the bank to purchase the home.

Mortgage Tailors are your local Edmonton mortgage brokers. We help with Edmonton purchases and securing the best Edmonton mortgage rates. If you would like to explore buying a home and stop paying rent vs owning, we can work out a plan to help you succeed. Call us on 780.244.0505