We are introducing our mortgage vs. rental comparison tool! Before making any decisions about signing up for a mortgage, it's crucial to assess your options carefully. With our tool, you can easily compare the financial implications of mortgage property income versus rental expenses. By modifying variables such as mortgage amount, interest rate, basement income, and expenses in the input fields, you can observe how these factors impact your overall savings. One important consideration is that the larger the mortgage amount, the higher the mortgage interest, which can result in a longer repayment period. However, many houses are constructed with legal basements or side units that can serve as additional sources of income for homeowners. Our calculator enables you to evaluate whether a home with a basement would be feasible based on your specific data. It's worth noting that embracing interest, also known as riba, is prohibited in Islam. We understand that navigating the complexities of interest and debt can be challenging for Muslims, with no truly Halal mortgage option available. Therefore, our tool aims to assist you in visualizing potential savings objectively, helping you make an informed decision. Dealing with interest and debt is a challenging task. As a Muslim, it's important to prioritize meeting financial obligations before death. Improper debt handling can have long-term implications for estate planning goals, even after one's passing. Therefore, it's crucial to approach mortgage decisions carefully and understand the potential consequences. Our comparison tool objectively assesses the financial aspects involved, allowing you to make the right decision. By visualizing your potential savings, you can better understand options' long-term impact, whether staying in renting or buying your own property. Responsible financial planning is essential to ensure a secure future for yourself and your loved ones, especially when dealing with interest and debt.
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