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Buy vs. Rent Calculator
Is buying cheaper than renting for you? Compare your rent to the estimated all-in monthly cost of owning — then find out whether you're financially ready to make the move.
Ownership cost = principal & interest + estimated property tax (1.1%/yr) + insurance (0.35%/yr) + PMI when under 20% down. It ignores maintenance, closing costs, appreciation, and tax effects — so treat it as a starting comparison, not a full buy-vs-rent model.
Estimates for educational purposes only — not a pre-qualification, pre-approval, loan offer, or quoted rate. Actual figures depend on a lender's review of your full application. Rates and local costs are illustrative and change over time.
How to read the comparison
This weighs your rent against ownership's monthly carrying cost: principal & interest, property tax, insurance, and PMI if you put down under 20%. It deliberately leaves out maintenance, closing costs, appreciation, and tax effects — all of which matter — so use it as a first cut, not a verdict.
Owning often costs more month to month early on, while building equity; renting stays flexible with no upkeep. The right answer depends on how long you'll stay, which is exactly where readiness comes in.
A calculator shows the payment. It won't tell you if you're actually ready. Find out when you can realistically buy — a free 2-minute check scores your credit, income, savings, debt, and documents, then shows the one thing to fix first. No signup to start, no credit check.
Find out when you can buy →Frequently asked questions
Is it cheaper to buy or rent?
It depends on your local prices, rate, down payment, how long you'll stay, and rent. Short stays usually favor renting because of closing and selling costs; longer stays often favor buying as you build equity. This tool compares the monthly cost only.
What does the ownership cost include?
Principal & interest, estimated property tax (1.1%/yr) and insurance (0.35%/yr), plus PMI when under 20% down. It excludes maintenance, HOA, closing costs, appreciation, and tax deductions.
Is this financial advice?
No — it's an educational estimate. Talk to a licensed professional for guidance on your situation.