Rent vs. Buy Calculator

Am I better off renting or owning? This calculator will show you the financial differences between the two.
$   Current Rent
  % Est. tax bracket
$   Purchase Price
  % Down Payment
  % Interest Rate
    Mortgage Term (Years)
    Your Monthly Payment
$   Yearly Taxes?
$   Yearly Insurance?
    Total PITI
    How long will you own (typ. 7 yrs)
$   This is your rent over the period
$   This is mortgage over the period

Search our listings

 
Advanced Search

Contact Information

Mike Hawkins & James Harvey
Service First Realty Group
1714 S. 1100 E.
Salt Lake City, UT, 84105
Office: 801-467-7007
Cell: 801-467-7007
Fax: 801-467-7914
support@utahhometeam.com
www.UtahHomeTeam.com
lease options | Print |

How do lease options work and what are the benefits?

A lease option is an arrangement with you and a seller to exercise the option to buy a Salt Lake City, UT area home after you have rented it for a specific period. A portion of your rent would applied toward the purchase if the option is exercised. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application.

If you are a seller, lease options can give you several advantages, especially in a slow market. These include a monthly rent higher than market rent, top-market value for the property and tax-free use of the option consideration until the option expires or is exercised. Also, the renter is more likely to treat the property like an owner, tax-free use of option consideration until the option expires or is exercised.
Read any lease-option arrangement carefully for details on transferring the option and other important concerns.
For more information, get a copy of "How Lease- Options Benefit Realty Buyers, Sellers, Agents and Investors," available for $4 from Tribune Media Services, 64 E. Concord St., Orlando, FL 32801.

Questions about Salt Lake City, UT Real Estate?

Ask us below or Call us Now at 801-467-7007
*First Name
*Last Name
*Email
Phone
Question / Comments
  
Last Updated ( Thursday, 04 September 2008 )
 
< Prev   Next >

Payment Estimator

Calculate your mortgage repayments:

Loan amount: $
Down payment: $
Annual interest rate: %
Term of loan: years
Total interest:
$
Monthly payment:
$

Syndicate this Site

Get the newest real estate Information from our site delivered right to your desktop!

Just Listed RSS Feed

See the newest properties as soon as we enter them in your favorite feed reader!

Don't worry about missing the right one... we make it easy for you!
RSS
© 2010 www.UtahHomeTeam.com   Real Estate Websites - Free Real Estate Advice - Real Estate Marketing