Rent vs. Buy Calculator

Compare the financial impact of renting versus buying a home

Enter details about the home purchase

Home Price: $300,000

Down Payment: $60,000

0.2% of home price

Mortgage Rate: 6.5%

Property Tax Rate: 1.2%

Annual Home Insurance

Monthly HOA Fees

Maintenance & Repairs: 1% of home value

Enter details about renting

Monthly Rent: $2,000

Annual Rent Increase: 3%

Annual Renter's Insurance

Security Deposit

Investment Return: 7%

Expected return on invested savings

Home Appreciation: 3%

Time Horizon: 10 years

Financial comparison over time

Break-even Point

Never years

When buying becomes better

Net Worth Difference

$10,000

In favor of renting

Monthly Payment

Average cost of ownership

Buying Scenario

Total Cost:$70,000

Home Value:$300,000

Equity Built:$60,000

Renting Scenario

Total Cost:$0

Investment Value:$70,000

Monthly Rent (Year 10):$2,688

Key Considerations

• The break-even point is when the net worth of buying exceeds renting

• Home appreciation and investment returns are estimates and may vary

• Consider non-financial factors like flexibility and personal preferences

• Additional costs like furniture and moving expenses are not included