RENT V/S BUY RECOMMENDATION

HOME

Purpose:

To get recommendation on whether to continue renting or buy a house. This recommendation is based on the latest rates for 30 year conforming and provides savings over the time period.

URL:

http://www.home-account.com/api/rentbuy

Required inputs:

Input Key	Description	Type	Example
monthlyRent	Monthly rent	Int	1200
annualRentIncreaseRate	Rate of increase in rent annually. Value between 0 - 10	Int	5
homeValue	Purchase price of the house that you are considering	Int	150000
downPaymentPercent	Percentage of the purchase price that you are considering as down payment	Int	10
loanTerm	Term of the mortgage	Int	30
Duration	Number of years you intend to stay	Int	10
annualPropertyTaxRate	Percentage of the purchase price charged as property tax in your county	Double	1.25
annualPropertyAppreciationRate	Rate at which property appreciates in your county	Double	5.5

Output:

{"RentBuyDecision": {
  "monthlyRent": 1800,
  "annualRentIncreaseRate": 0,
  "homeValue": 400000,
  "downPaymentPercent": 5,
  "loanTerm": 30,
  "mortgageRate": 4.75,
  "duration": 10,
  "annualPropertyTaxRate": 1.25,
  "annualPropertyAppreciationRate": 0.0,
  "savingsMessage": "At the end of 10 years you will save $133,076.21 over renting.",
  "decision": "Buy"
}}