Does renting or buying a home make more sense? Check out what is best for you by using our Rent vs Buy Calculator...

Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!

$
$500 $10,000
$
$50,000 $2 Million
$
%
0% 80%
%
0% 20%
Credit Score
Advanced (optional)
Loan Term
$
%
0% 5%
$
%
0% 15%
$ /month
%
0% 5%
%
0% 5%
%
0% 5%
%
0% 5%
%
0% 10%
%
0% 10%
$ /year
Buying is cheaper than renting after
If you buy a house, after 3 years it will cost you $58 more per month and $5000 more in total than if you had rented. But you will own in equity of your home with an appreciated value of . If you buy a house, after 3 years you will have saved $58 per month and $5000 in total than if you had rented. You will also own in equity of your home with an appreciated value of .
Buying will never be cheaper than renting
Home equity after
RENT: $0
BUY: $0
years
Total cost over years
TOTAL COST
YEARS
Save & Email Results
Costs over
Monthly Cost (after )
Rent
Buy
Difference
$0
$0
$0
Yearly Cost (after )
Rent
Buy
Difference
$3,019
$92,453
$89,434
Total Cost (after )
Rent
Buy
Difference
$3,019
$92,453
$89,434
Estimated Costs
These costs are estimated based on the information under the advanced section. You may adjust these values to suit your particular situation in order to get a more accurate estimate.
Monthly mortgage payments
$
Homeowner's insurance
$
Private Mortgage Insurance
$
HOA dues
$
Property tax
$
Home repairs
$
Renovations
$
Closing costs
$
Yearly rent increase
%
Rental insurance
$
How We Calculate the Costs
Calculating the Cost of Renting The cost of renting is relatively straightforward to calculate. It primarily includes your monthly rent payments and a few additional expenses:
  • Monthly rent payments
  • Security deposit (typically equal to one month's rent)
  • Renters insurance (annual premium)
Calculating the Cost of Buying The cost of buying a home is more complex and includes both one-time and ongoing expenses: One-time Costs:
  • Down payment
  • Closing costs (typically 2-5% of the home's value)
Ongoing Costs:
  • Monthly mortgage payments (principal and interest)
  • Property taxes
  • Homeowners insurance
  • Private Mortgage Insurance (PMI) if applicable
  • HOA fees (if applicable)
  • Maintenance and repairs
  • Home improvements and renovations
Assumptions Our calculator makes several assumptions to provide a comprehensive comparison:
  • Annual home appreciation rate: %
  • Annual rent increase: %
  • Renters insurance: $ per year
  • Home maintenance and repairs: % of home value per year
  • Home improvements and renovations: % of home value per year
  • Selling costs when you sell the home: % of home value
These values can be adjusted in the advanced settings to better reflect your specific situation. The calculator takes all these factors into account over the specified time period to determine whether renting or buying is more cost-effective in your situation. Keep in mind that this is a simplified model and your actual costs may vary based on your specific circumstances and local market conditions.

Check out our other mortgage calculators

Access our top-rated mortgage calculators to expertly assess your financing options, compare various loan types, and make informed decisions for your home buying journey.

General Mortgage Payment Calculator

See what your monthly payment could be with our general repayment mortgage calculator.

Affordability Calculator

Assess how much home you can afford based on your income, expenses, and desired down payment.

Early Payoff Calculator

See how making extra payments can help you pay off your mortgage faster and save on interest.

Rent vs Buy Calculator

Compare the costs of renting versus buying a home to determine the best financial decision for your situation.

Seller Net Profit Calculator

See how much you could make from your home sale with our Seller Net Profit Calculator.

Rate Buydown Calculator

Check out how much you can save with a seller-paid rate buydown.

HELOC Calculator

Estimate your credit limit and monthly payments with our HELOC Calculator!

Mortgage Comparison Calculator

Compare different mortgage options side by side to find the best fit for your financial needs.

Refinance Comparison Calculator

Evaluate the potential savings and costs associated with refinancing your existing mortgage.

DSCR Investor Calculator

See what your investor ratio is with our DSCR calculator.

Adjustable Rate Mortgage Calculator

Determine your potential monthly payments and interest costs for an adjustable-rate mortgage over time.

VA Calculator

Estimate your monthly payments and total costs for a loan backed by the Department of Veterans Affairs.

Jumbo Calculator

Calculate your monthly payments and total costs for a jumbo mortgage that exceeds conforming loan limits.

FHA Calculator

Determine your potential monthly payments and total costs for a Federal Housing Administration loan.

Conventional Calculator

See the monthly payment and total cost for a conventional mortgage loan.

USDA Calculator

Calculate the costs and monthly payments associated with a USDA Rural Development loan.

203k Renovation Calculator

Analyze your debt service coverage ratio to evaluate the profitability of an investment property.