Rent vs. Buy Calculator
See whether buying or renting makes more financial sense for your situation over time.
Buying
$450,000
100,0002,000,000
20% ($90,000)
350
6.50%
212
30 yr
1030
1.20%
0.23.5
$1,800
50010,000
None
01,000
1% of home value
0.53
3.50%
08
3% ($13,500)
16
Renting
$2,400/mo
50010,000
3.00%
010
7.00%
012
Time Horizon
7 yr
130
Over 7 years
Renting wins
by $160,602 net
Renting is cheaper for all 7 years at this rate
Monthly Cost Breakdown
Mortgage payment
$2,275
Property tax
$450
Insurance
$150
Maintenance
$375
Total buying cost/mo$3,250
Monthly rent$2,400
Upfront to Buy
Down payment$90,000
Closing costs$13,500
Total cash needed$103,500
Net Cost Over Time
Yr 1
Buy
$122,732
Rent
$10,999
Yr 2
Buy
$141,489
Rent
$21,615
Yr 3
Buy
$159,747
Rent
$31,788
Yr 4
Buy
$177,478
Rent
$41,451
Yr 5
Buy
$194,656
Rent
$50,531
Yr 6
Buy
$211,249
Rent
$58,951
Yr 7
Buy
$227,226
Rent
$66,624
Net cost = total spent minus equity gained (buy) or investment growth (rent).
Ready to explore your buying options?
Get My Mortgage RateThis calculator provides estimates for educational purposes only and does not constitute financial advice. Results depend on many factors including local market conditions, taxes, and personal circumstances. Consult a licensed financial advisor before making real estate decisions.