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Rent vs. Buy Calculator

What would renting or buying cost you? Compare the monthly budget and the longer view with simple explanations for every number.

YOUR RENTING AND BUYING NUMBERS

Compare the same years, side by side.

Enter a rental and a home you might buy. The mortgage estimate is for a fixed-rate loan. Include the extra costs below; they can change the answer.

Example numbers are for learning, not a current rate or local cost quote. Replace them with your own estimates.

Renting and buying assumptions

Rent each month ($)

Use the monthly rent from your lease or a similar home.

Home purchase price ($)

Use the asking price or the price you plan to offer.

Your down payment ($)

20% of $300,000 = $60,000.

Buying fees paid upfront ($)

Use estimated nonrefundable closing costs.

Fixed mortgage interest rate (%)

For 6.5%, type 6.5. Use the note rate, not APR.

Length of the new mortgage

This is the full loan length when you buy.

How many years will you stay?

Try 5 years, then compare with 10.

Cost to sell the home (%)

Ask a local agent or closing company for an estimate.

Costs beyond rent and the loan payment

Use quotes or estimates. Enter 0 only if a cost does not apply. Count each expense once.

Property taxes each year ($)

Look up a buyer-specific estimate from the local tax office.

Home insurance each year ($)

Use an insurance quote; include any separate flood coverage.

Repair and upkeep budget each month ($)

Estimate money to set aside for repairs and upkeep.

HOA or condo dues each month ($)

Ask the association. Enter 0 only if there are no dues.

Mortgage insurance each month ($)

Ask the lender. Enter 0 only if it does not apply.

Months you expect mortgage insurance to last

Enter 0 if there is no mortgage insurance.

Renters insurance each month ($)

Use your policy or a quote. Annual price ÷ 12.

Nonrefundable rental move-in fees ($)

Enter 0 if none. Leave out a refundable deposit.

Change the assumptions about future prices and savings

These start at 0%, so nothing is assumed to grow. Open this section to try different scenarios. Future changes are not guaranteed.

Home price change each year (%)

0 means unchanged. A negative number means falling prices.

Rent change each year (%)

0 means the rent stays the same.

Other housing cost change each year (%)

Applies to taxes, insurance, upkeep, HOA and renters insurance.

Savings growth each year (%)

0 means no investment growth is assumed.

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YOUR ESTIMATED COMPARISON

Look beyond the monthly bill.

See what each choice costs each month, what cash is needed upfront, and how much modeled value could be left at the end.

We assume the home is sold at the end of your chosen period. The comparison includes selling costs and the remaining mortgage.

HOMEBUYING PAYMENT WATCH

Tell us the monthly cost you want to reach.

Calculate above first. Then choose the number you want us to watch for.

Monitoring and email delivery are not connected yet. You can try your goal and prepare an account draft. No rates are being watched.

Homebuying alert goal

What monthly cost should we watch for?

Choose a maximum buying cost, match renting, or aim below renting. Buying includes the loan payment, taxes, property insurance, mortgage insurance, HOA and your repair budget. Renting includes your rent and renters insurance. We compare the first-month budget with a changing rate and keep your other saved numbers fixed.

Maximum buying cost I want ($/month)

For a maximum bill, $2,500 means you want all the entered buying costs to total $2,500 a month or less. For less than renting, $200 means buying must cost at least $200 less each month. These are different goals; choose the one you mean.

Also require buying to come out ahead over the years I plan to stay.

A smaller monthly bill can still leave you with less money after buying and selling fees. Turn this on if you want BOTH a monthly buying cost you like AND more estimated value than renting over the years you plan to stay. The longer view uses your saved costs, future-price assumptions and savings assumptions. It does not mean buying is right for you.

Leave this off to watch your monthly budget alone. Turn it on to require both checks.

Your draft stays in this tab for up to 20 minutes. Signing in and choosing Save is required to keep it in your account. The watch follows mortgage benchmarks, not home prices or rent listings. A benchmark is not a lender offer.

ASK ABOUT THIS CALCULATOR / COMING SOON

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