Rent vs Buy Calculator: Compare Home Buying and Renting Costs
The Basics: Home Price & Monthly Rent Comparison
Start your rent vs buy analysis by entering key financial details like home purchase price and monthly rent. Adjust these values to match properties in your target market for the most accurate comparison.Enter your target home price and current market rent to compare.
Mortgage Calculator: Interest Rates & Down Payment
Calculate your monthly mortgage payments based on current interest rates, down payment, and loan term. The calculator factors in how your down payment could perform if invested instead, helping you understand the true cost of your mortgage versus alternative investments. It'll also analyze potential tax benefits from mortgage interest deductions.Set your mortgage terms and down payment to calculate monthly payments.
Market Projections: Property Value & Rent Trends
Estimate future property values and rental rates based on market trends. Input your predictions for home price appreciation, rent increases, investment returns, and inflation. While these factors significantly impact your long-term costs, they vary by location and economic conditions. Use local market data to inform your projections.Predict future home values, rent increases, and investment returns.
Tax Benefits: Property Tax & Mortgage Deductions
Compare the tax advantages of buying versus renting. Property taxes and mortgage interest payments are typically tax-deductible, potentially reducing your total homeownership costs. The value of these deductions depends on your tax bracket and whether they exceed the standard deduction.Calculate tax benefits from property tax and mortgage interest deductions.
Mortgage Interest Tax Deductible?
Filing Status
$6,750 for first year
Closing Costs: Home Buying & Selling Expenses
Understand the one-time costs involved in real estate transactions. When buying, you'll need to cover down payment, closing costs, and various fees. Selling costs typically include realtor commissions and closing fees. These transaction costs significantly impact your total investment and should be factored into your long-term financial planning.Account for one-time costs when buying and selling your home.
$20,000 at purchase
$30,000 when selling
Ongoing Costs: Maintenance, Insurance & Utilities
Calculate the true cost of homeownership beyond the mortgage. This includes regular maintenance, repairs, homeowner's insurance, property taxes, HOA fees, and utilities. The calculator adjusts these costs for inflation over time, helping you understand the long-term financial commitment of owning versus renting.Estimate yearly maintenance, insurance, and utility costs.