Have you ever wondered that you are paying a lot of money for the rent? You can use the money you are paying for rent as a monthly payment of your mortgage loan, with which you can have your own house. If you want to know more about how much you can save by purchasing a home vs. paying the same amount for rent. Using the current mortgages rates, this mortgage calculator provides you the statistics of an assumed 5 year period with 33% tax bracket.