Rent vs. buy calculator

Renting is not throwing money away, and buying is not automatically smart. Run your own numbers.

Read this before the numbers

The interest rate on this page is a number you choose so you can model a payment. It is not a rate being quoted to you, not an advertisement of terms, and not an offer or a commitment to lend.

Your actual interest rate and APR depend on your credit, loan program, occupancy, property type, loan amount, down payment, and the market at the time you lock. Rates, terms and program availability change and are subject to credit approval. The real figures arrive on a Loan Estimate after you apply — that is the document to compare, not a calculator.

Erik Miller, Mortgage Expert · NMLS #263103 · Patriot Home Mortgage · Company NMLS #715386 · Licensed in Arizona · Equal Housing Lender

Over your time horizon

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Estimated monthly payment—

Total rent paid—

Total cash out to own—

Equity recovered at sale—

Net cost of owning—

Estimates for planning only. Not a commitment to lend.

Common questions

Questions we get asked

Why does the answer change so much with the time horizon?

Because buying has large one-time costs at both ends — roughly 3% to get in and 6% to get out. Those need years of equity growth to earn back. Short horizons favour renting almost regardless of the market; long ones usually favour owning.

Is the maintenance figure realistic?

One percent of the home's value per year is the conventional planning figure, and it averages out over time rather than arriving evenly. A newer home costs less early and more later. Older homes and properties with pools run higher.

What is not in this calculation?

Tax treatment of mortgage interest, which depends entirely on your situation and whether you itemise; what you might have earned investing the down payment instead; and the things people actually decide on — stability, schools, pets, and whether you can paint the walls.

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How much house can I afford?Refinance break-even calculator VA loan calculator Seller net proceeds calculator Payment calculator

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