Budget Calculator
Estimated Calculation
Your maximum budget could be
AED
250,000
This is the maximum price of a home you can consider based on your annual household income, lease period, and current market factors. This calculation ensures that your monthly payments are manageable and aligns you with properties within your budget, setting you up for a successful transition to homeownership or mortgage eligibility by the end of the lease.
Downpayment and option fee
AED
12,500
The down payment, or “option fee”, is a one-time upfront amount that kickstart your Rent-to-Own agreement, This amount not only secures your right to buy the property at the end of the lease period but also counts toward your eventual home purchase. Whether buying directly or securing a traditional mortgage, this payment sets you on a solid foundation.
Mothly rent and premium
AED
2,254.48
+
AED
867.11
Monthly Rent: What you pay monthly for the privilage of living in the property.
Premium Saving: An additional monthly contribution that accumulates in your savings account.
This amount not only reduces the final price of the home when buying directly but also serves as a significant portion or even the entirety of a down payment if you opt for a traditional bank mortgage. This figure does not account for regulatory/government fees.
Future buy-back price after 3 years could be
AED
225,801.41
This denotes the price you can buy the property for at the end of your lease. By locking in this price from the start, you’re safeguarded from market spikes. Plus, knowing this price in advance helps in planning either for direct purchase or for securing a mortgage with predictable terms. However, it’s crucial to be aware that this amount excludes regulatory/government fees which will be applicable during the final transaction.
Projected home value at end of lease period
AED
292,464.64
An estimate of the property’s market worth at the lease’s conclusion. Using this projection, you can gauge the potential equity or value gain through the Rent-to-Own program. Such insights can be invaluable when considering mortgage options or direct purchase
Walk away cash-out value
AED
54,163.22
Should you decide not to buy the property at the end of your lease term, this is the cash amount you’d receive. It usually comprises a portion of your premium savings, ensuring you have a financial cushion. It ensures you don’t leave empty-handed and can be used towards future investments. It’s essential to note that this amount doesn’t factor in other potential regulatory/government fees.
FAQ
LiveHome’s budget calculator considers your income, savings, and liabilities to estimate a comfortable spending limit for your new home.
We consider your monthly income, existing debts, savings, and your potential for down payment co-investment.
