Housing Decision
Rent vs Buy Calculator
Compare the total cost of renting vs buying a home over time.
Renting Costs
Monthly Rent
$
Current monthly rent payment
Rental Inflation Rate
%
Average annual increase in rent
Buying Costs
Home Purchase Price
$
Total purchase price of the home
Down Payment
$
Initial cash payment (typically 20% of purchase price)
Mortgage Interest Rate
%
Annual interest rate on your mortgage
Loan Term
years
Number of years to repay the mortgage
Property Tax Rate
%
Annual property tax as % of home value
Annual Home Insurance
$
Annual homeowners insurance premium
Annual Maintenance Cost
$
Annual repairs and maintenance (typically 1-2% of home value)
Home Appreciation Rate
%
Average annual increase in home value
Better
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Cost Difference
$0
renting vs buying
Total Rent Cost
$0
Total Buy Cost
$0
Home Equity After 10 Years
$0
Monthly Mortgage Payment
$0
📊 Detailed Breakdown
| Category | Amount | % of Total |
|---|
How the formula works
Monthly Mortgage = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1) | Total Cost = Mortgage × n + Down Payment + Taxes + Insurance + Maintenance − Appreciation
- Monthly Mortgage = Standard mortgage payment calculation (P = loan amount, r = monthly rate, n = total payments)
- Total Rent Cost = Sum of all rent payments over the period (with inflation)
- Total Buy Cost = Down Payment + All Mortgage Payments + Property Taxes + Insurance + Maintenance − Home Appreciation
- Home Equity = Home Value − Remaining Mortgage Balance
- Cost Difference = Total Buy Cost − Total Rent Cost (Negative means buying is cheaper)
- This analysis covers a 10-year period for a realistic comparison