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Rent vs Buy Calculator
Make an informed decision about whether to rent or buy your next home. Our calculator compares total monthly costs, equity building, tax benefits, and long-term financial impact to help you choose the best option for your situation.
Key Factors We Consider:
- • Monthly rent vs mortgage payment (including taxes, insurance, HOA)
- • Down payment and closing costs
- • Home appreciation and equity building
- • Tax deductions for homeowners
- • Maintenance and repair costs
- • Opportunity cost of down payment investment
Rent Details
Buy Details
Comparison Results (10 Years)
Renting Costs
$275,133
Total Rent Paid
$2292.78
Average Monthly Cost
Buying Costs
$131,388
Net Cost After Equity
$1094.91
Average Monthly Cost
Financial Summary
Home Value After 10 Years:$537,566
Home Equity Built:$264,411
Total Savings:$143,744
Buying is Better
Based on your 10-year comparison
When to Rent vs When to Buy
Consider Renting If:
- • You plan to move within 3-5 years
- • You don't have 20% down payment saved
- • Your income is unstable
- • Local rent prices are significantly lower than buying
- • You prefer flexibility and minimal maintenance responsibility
Consider Buying If:
- • You plan to stay 5+ years
- • You have stable income and emergency fund
- • Monthly payment would be similar to rent
- • You want to build equity and gain tax benefits
- • You're ready for homeownership responsibilities