Finance Tools
Rent vs Buy Calculator
Compare the cost of renting versus buying a home based on your rent, home price, down payment, and mortgage terms.
Compare your current rent with the estimated monthly cost of owning a home, including mortgage, tax, insurance, and HOA.
How to use this rent vs buy calculator
- Enter your current monthly rent.
- Enter the home's price and your planned down payment.
- Enter the mortgage interest rate and term.
- Optionally, enter monthly property tax, insurance, and HOA fees.
- Click Calculate to compare your estimated monthly owning cost with your rent.
Example
For example, if you currently pay $2,000 in rent and you are considering buying a $400,000 home with 10% down at 6.5% interest, this calculator will show:
- Your estimated monthly mortgage payment (principal + interest).
- Estimated monthly ownership cost including tax, insurance, and HOA.
- Whether renting or buying is cheaper on a monthly basis.
- How sensitive the result is to changes in down payment, rate, or extra costs.
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Calculate how much you need for a down payment based on the purchase price and down payment percentage.