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You've heard it over and over - it is better to buy property than to rent property. This for two large reasons:

• You will be building equity rather than putting money into nothing tangible and
  
  
• In order to encourage Americans to be homeowners, the government has made the interest that you pay on your mortgage tax-deductible.

However, the costs associated with owning a home certainly are not cheap and you may not even be in a position to buy something as nice as you could rent at the moment.

This calculator compares the costs and savings on your current rent versus the home you are looking to buy to determine which move is right for you in your present state.