Rent vs Buy Calculator
Compare the financial impact of renting versus buying a home
Home Purchase Details
Rental Comparison
Cost Comparison
Analysis Summary
Monthly Mortgage Payment
$2,023
Total Monthly Ownership Cost
$2,923
Current Monthly Rent
$2,000
After 10 years:
- • Total rent paid: $275,133
- • Total homeownership cost: $430,714
- • Estimated home value: $537,567
- • Net home equity: $106,852
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Understanding the Concept
The rent vs buy decision depends on many factors including housing costs, loan terms, investment returns, and how long you plan to stay. This calculator helps you understand the total cost of ownership versus renting over time.
Tips to Optimize
- •Consider your timeline - buying makes more sense for longer stays
- •Factor in closing costs (typically 2-5% of home price)
- •Include opportunity cost of down payment investment
- •Account for flexibility value of renting