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$500 $10,000
$
$50,000 $2 Million
$
%
0% 80%
%
0% 20%
Credit Score
Advanced (optional)
Loan Term
$
%
0% 5%
$
%
0% 15%
$ /month
%
0% 5%
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0% 5%
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0% 5%
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0% 10%
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$ /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
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.

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