Rent or Buy? The following table is an example illustration of rent payments versus purchasing your own property based on a 25 year amortization, 5% down payment and a 5 year closed mortgage rate as of November 14, 2010.  It should be noted that mortgage rates fluctuate, special offers by financial institutions and the higher the down payment a buyer uses can all effect your actual monthly payments. 

Also, included in the mortgage monthly payment is estimates for taxes and heat (which will vary for each property) which your lender will need to see you qualify for.

Due to all the variables which may exist at the time you are ready to consider purchasing your own home, we recommend you consult your lender to be pre-qualified and to find the current rates and special features the mortgage market is offering at that time.