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How much can I afford?
You can use this calculator as a guide to determine what the mortgage companies will allow you to borrow and how much will you save on taxes

Should I Rent or Buy Calculator


Smart Calculators

Should I Buy or Rent?

This calculator computes the costs of renting versus the costs of buying a home. There are many things included in the calculation such as interest, property taxes, tax savings, appreciation, closing costs, etc. But comparing the cost of renting to the cost of buying is a lot more complicated. This calculator attempts to forecast the effects of all the hidden components so you can make an informed decision.

Should I Buy or Rent?

Figure out whether it makes more sense for you to buy instead of rent.

Step 1 of 7

Rent Information:

Monthly Rent: $ Monthly Rental Insurance: $ Expected Annual Inflation: %

Should I Buy or Rent?

Figure out whether it makes more sense for you to buy instead of rent.

Step 2 of 7

Buy Information:

Home Purchase Price: $ Down Payment Amount: $ Mortgage Term: Years  

Should I Buy or Rent?

Figure out whether it makes more sense for you to buy instead of rent.

Step 3 of 7

Buy Information:

Mortgage Annual Interest Rate: % Discount Points On Purchase: % Origination Fees: %

Should I Buy or Rent?

Figure out whether it makes more sense for you to buy instead of rent.

Step 4 of 7

Buy Information:

Other Loan Costs: $ Private Mortgage Insurance (PMI): % Homeowner's Insurance Rate: %

Should I Buy or Rent?

Figure out whether it makes more sense for you to buy instead of rent.

Step 5 of 7

Buy Information:

Montly Association Dues: $ Average Monthly Maintenance: $ Annual Property Tax: $

Should I Buy or Rent?

Figure out whether it makes more sense for you to buy instead of rent.

Step 6 of 7

Buy Information:

State + Federal Income Tax Rate: % Expected Savings Interest Rate: % Expected Annual Home Appreciation Rate: %

Should I Buy or Rent?

Figure out whether it makes more sense for you to buy instead of rent.

Step 7 of 7

Buy Information:

Number of Years You Will Stay at this Property: Years Realtor Commission Rate: %

Results

Total Estimated Cost of Renting: Total Estimated Cost of Buying: Total Savings If You Buy:

NOTICE: This calculator assumes conventional financing for all calculations however the final amount may be different depending on your circumstances. To ensure accuracy it is recommended you obtain personal advice from qualified professionals.

Discover a New Neighborhood: Here's how to explore great new neighborhoods in which to live.


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