Rent vs Buy / Affordability Calculator interactive tool
Calculator
$
$
%
%
$
$
$
Result
Monthly Rent$2,000.00
Own (PITI + maint.)$2,655.951
Difference+$655.951/mo
Mortgage P&I$2,023
Loan Amount$320,000
What Is Rent vs Buy / Affordability?
One of the biggest financial decisions you'll ever make is whether to continue renting or to buy a home. A Rent vs. Buy Calculator helps you make an objective, math-based decision by comparing the true monthly costs of both options.
The Hidden Costs of Buying
Comparing a monthly rent payment directly to a monthly mortgage payment is a common mistake. Homeownership includes several "hidden" costs that renters do not pay:
- Property Taxes: Annual taxes levied by your local government.
- Homeowners Insurance: Required by lenders to protect the property.
- Maintenance & Repairs: General rule of thumb is to budget 1% of the home's value annually for upkeep (roofs, HVAC, appliances).
- HOA Fees: Monthly dues if you live in a managed community.
Making an Informed Choice
By entering your current rent and the details of a prospective home purchase, this tool provides a side-by-side affordability comparison. This allows you to see if buying fits into your monthly budget, helping you avoid being "house poor."
How To Use the Rent vs Buy / Affordability Calculator
- Enter your current or expected monthly rent.
- Enter the home price, down payment %, interest rate, and term.
- Add estimated annual property tax, insurance, and maintenance.
- Compare monthly rent vs total ownership cost.