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Should I Rent or Buy?
We've all heard the age-old advice: buying a home is one of the best investments you can make. While this is often true, the devils is in the details. In many cases, renting could be the better financial decision. You may have non-financial reasons for wanting to buy a home, and that's totally fine. This calculator is meant to provide a straightforward answer to the question: Is it financially better for me to buy or rent?
The Basics
Home Price
$2,724.58
$131,000.00
$98,250.00
$65,500.00
$32,750.00
$0.00
Years of Occupancy
$2,724.58
$8,000.00
$6,000.00
$4,000.00
$2,000.00
$0.00
Financing
Mortgage Rate
$2,724.58
$8,000.00
$6,000.00
$4,000.00
$2,000.00
$0.00
Loan Term in Years
$2,724.58
$8,000.00
$6,000.00
$4,000.00
$2,000.00
$0.00
Down Payment
$2,724.58
$4,000.00
$3,000.00
$2,000.00
$1,000.00
$0.00
The Housing Market & Costs
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The Rental Market & Costs
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Taxes & Investments
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If you can rent a property for less than ...
$2,725 / mo
then you are financially better off renting instead of purchasing a home.