Mortgage Calculators

Rent vs Buy Calculator

Renting has no maintenance and no closing costs, but no equity either. This compares total out-of-pocket cost over your time horizon after crediting back the equity you'd own.

Dennis Hughes, MLO

(209) 602-4900

Dennis@lend4less.com

NMLS #178729

If you buy

Home Price

Down Payment

Interest Rate

Loan Term

Property Tax Rate (Yearly)

Homeowners Insurance (Yearly)

PMI (Yearly % of loan)

Maintenance (Yearly % of value)

Buying Closing Costs

Home Appreciation (Yearly)

If you rent

Monthly Rent

Annual Rent Increase

Renters Insurance (Monthly)

Years in the Home

yrs

Buying comes out ahead by

$12,840

Over 7 years, after crediting the equity you'd own.

Buying

Cash to close$62,500

Monthly principal & interest$2,844.31

Monthly PMI$187.50

Total paid over 7 yrs$424,374

Home value at end$614,937

Loan balance at end$406,873

Equity at end$208,064

Net cost of owning$216,311

Renting

Total rent paid over 7 yrs$229,151

Equity built$0

Get my real numbers Apply now

Estimates only. Your credit score, property type, occupancy, loan purpose and down payment drive your actual rate and payment. A calculator will never be as accurate as a conversation with an experienced loan professional.