Rent vs Buy calculators

[hz80408]

I've posted here a few times; we're all over the board on renting/buying/moving etc. Ideally I think we should buy a condo in Chicago (city proper) and my H is still holding out for us moving. I don't really foresee this happening; especially anytime soon.

Recently we've started discussing (as we seem to do every year mid-lease), if we should just buy a place (with FHA as we don't have $80K for traditional downpayment). I've been able to find rent vs buy calculators to determine how long you'd live in a place for it to be worth buying with current trends; but I'm wondering if there's a Chicago specific calculator?

If not; what general rent vs buy can you recommend? TIA

[shortstax]

I'm no help, I just wanted to chime in that I thought this post was about renting or buying a calculator (like a TI-185 or whatever.)

oops.

[Deleted]

Have you looked at the Chicago Tribune's real estate section? I know the NY Times has one for NY.

[hz80408]

Sept 19, 2012 14:22:56 GMT -5 shortstax said:

I'm no help, I just wanted to chime in that I thought this post was about renting or buying a calculator (like a TI-185 or whatever.)

oops.

Lol; I do have a TI-85 somewhere around.

[hz80408]

Sept 19, 2012 14:26:08 GMT -5 v said:

Have you looked at the Chicago Tribune's real estate section? I know the NY Times has one for NY.

I haven't; great suggestion. I'll look. Thanks.

[jenjen]

Sept 19, 2012 14:20:46 GMT -5 hz80408 said:

Recently we've started discussing (as we seem to do every year mid-lease), if we should just buy a place (with FHA as we don't have $80K for traditional downpayment).

I don't have anything to recommend but just wanted to throw this out. You can do a conventional loan with 5 or 10% down as well. Your options aren't only an FHA at 3.5% down or a 20% down conventional. You will still have PMI with a conventional without 20% down (more likely than not) but the PMI is much less than with the FHA loan and PMI with an FHA loan is usually for a minimum of 5 years where conventional loans are typically less (like 12-24 months).

[hbomdiggity]

If you are all over the board I suggest keep renting. And while a condo may suit your needs now, what about 5-7 years from now? If you wait another year or two could you buy something more long term?

Signed, I own a condo in a state I no longer live in.

[scout8]

(Disclosure: I am a real estate agent in Chicago)

I would start by contacting a mortgage broker. It would be best if you could get approved for a 5% down conventional mortgage. Not all condo buildings are FHA approved. You can always try to get them approved, but that may not happen. So, FHA will limit your available options quite a bit. Once you have a better idea of the type of mortgage you can get and the likely interest rate, you can play around on the calculators a bit.

PM me if you want the name of a mortgage broker.