Should I buy or keep renting?
Answer a few questions and see how the two paths compare over the time you expect to stay.
What does renting cost you?
What would buying look like?
How long do you think you'll live there?
$2,200
per month today
$3,293
estimated per month today
Buying would cost approximately $1,093 more per month today.
What if the home's value changes?
Estimated home maintenance
Where could you be in 5 years?
This comparison looks at housing scenarios only.
Home equity is not the same as cash or profit. Selling costs, market conditions and other expenses would affect the amount you could actually receive from a future sale.
$8,500
Planning assumption of 2% of purchase price. Actual closing costs vary based on financing, property, lender, title charges, prepaid taxes, insurance and other transaction-specific expenses.
$39,415
Future selling costs are unknown and can vary substantially. This is a planning assumption only.
9 Years, 5 Months
Based on the assumptions you entered, this is approximately when the estimated financial benefit of owning catches up with the estimated cost of continuing to rent.
$1,093 / mo more to buy
Renting ahead $43,925
Buying ahead $970
Renting ahead $36,113
Renting may make more sense
Based on your timeline and the assumptions entered, renting is estimated to produce the stronger housing-related financial position.
Your current rent is substantially lower than the estimated cost of owning.
Educational estimate only. Buying and renting both involve financial and non-financial considerations.
Change a number and watch it update
Want to see how the numbers change at different home prices?
This calculator is provided for informational and educational purposes only and is not financial, tax, legal, lending or real estate advice. Results are estimates based on information entered by the user and planning assumptions used by the calculator. Actual mortgage rates, loan terms, property taxes, insurance, maintenance costs, closing costs, home values, rent increases and future selling costs will vary. Home appreciation is not guaranteed. This calculator compares housing-related costs and does not account for every financial consideration, including potential investment returns on money not used for a down payment. Consult appropriate professionals regarding your individual circumstances.