Your Details
Current monthly rent
Target home price
Verdict
Better to ?
Cumulative Costs
Cost Comparison
What is a Rent vs Buy Calculator?
A Rent vs Buy Calculator compares the total costs of renting versus buying over a specific period. It accounts for rent increases, mortgage payments, property taxes, insurance, maintenance, and home appreciation to determine which option is financially better.
The calculator helps you make an informed decision based on your specific situation and how long you plan to stay.
Key Factors to Consider
Time to recoup closing costs
Avoids PMI requirement
On top of down payment
Tips for Making the Decision
Calculate Total Costs
Include closing costs, maintenance, and repairs.
Consider Flexibility
How long do you plan to stay in the area?
Factor in Equity
Buying builds ownership over time.
Check Market Trends
Is it a buyer's or renter's market?
Account for Opportunity Cost
What else could you do with the down payment?
Consider Tax Benefits
Mortgage interest deduction can help.
Quick Reference
Closing Costs
2-5% of loan
Down Payment
5-20%+ typical
PMI
Under 20% down
Maintenance
1-2% annually
Property Tax
1-2% annually
HOA
$100-500+/mo