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Rent vs Buy Calculator
Compare the monthly cost of owning a home with renting a similar one.
How this calculator works
Enter the home price, down payment percentage, mortgage rate and your monthly rent. Buying cost includes the mortgage payment plus an allowance of 2% of the price per year for taxes, insurance and upkeep.
Example
A $400,000 home with 20% down at 6.5% costs about $2,689.28 a month to own, compared with $2,400.00 in rent.
Tips
- Owning builds equity, which this monthly comparison does not count.
- Your plans matter. Buying usually pays off best if you stay several years.
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Results are estimates only. See our disclaimer.