The Lease Vs. Buy Calculator allows users to compare the total costs associated with leasing versus buying a property. This helps users make informed decisions based on their financial situation and goals.
Here's how it works:
- Input Lease Parameters: Enter the lease term (duration of the lease agreement) and the annual lease payment. This represents the cost of leasing the property over the specified term.
- Input Buy Parameters: Enter the purchase price of the property and the down payment amount. The down payment is the initial payment made when purchasing the property.
- Input Financing Details: Provide the loan term (duration of the loan) and the interest rate for financing the purchase.
- Calculate: Click on the "Calculate" button to compute the total costs associated with leasing and buying the property.
- Review Results: The calculator will compare the total cost of leasing with the total cost of buying the property. It will provide information on which option is more financially advantageous based on the input parameters.