Mortgage Tools
Rent vs. Buy Calculator
Compare renting and owning over a horizon you choose. The outcome depends entirely on the assumptions below — change them and the answer changes.
Estimated difference over 7 years
$24,406
Based on these assumptions, buying costs less than renting over this horizon after accounting for equity recovered at sale.
Renting
- Total rent paid
- $202,289
Buying
- Monthly housing costPrincipal, interest, taxes, insurance, HOA, and maintenance.
- $3,128.78
- Total cash out (incl. down payment & closing costs)
- $314,817
- Estimated home value at the end
- $491,950
- Loan balance at the end
- $325,498
- Estimated selling costs
- $29,517
- Net proceeds at sale
- $136,934
- Net cost of buyingTotal cash out less the net proceeds recovered at sale.
- $177,883
Important
Results are estimates provided for educational purposes only. They are not a loan offer, an approval, a commitment to lend, a guaranteed rate, or final loan terms. Actual figures depend on underwriting, credit review, property details, program requirements, and market conditions at the time of application.
Based on these assumptions only. This comparison does not account for tax treatment, investment returns on cash that is not used as a down payment, rent concessions, special assessments, mortgage insurance, or changes in your circumstances. Home values can fall as well as rise.
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