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How much can I afford? What is my mortgage payment? Should I refinance? Rent vs. Buy Debt Consolidation Closing Fees

Rent vs. Buy Calculator

Thinking about which may be better, renting or buying? We’ve created a helpful calculator that can guide you through the process so that you can judge for yourself!

Need us to guide you through the process? Hit the Guided Calculator toggle and we’ll help you out.

Renting

Renting Assumptions



Buying

Buying Assumptions

We can help you lock in your best rate

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The return on investment of your purchase will be in

1 years
Year 2

After 2 years, buying represents a benefit of $ 2,875

The net costs are:
For Buy: Total costs – net property value.
For Rent: Total costs – net investment value.

Total costs are the sum of the amounts invested, expenses/rent and in the case of buying, cost of sale. Equity, in the case of buying, represents the net property value, and in the case of renting, the value of the investment.

BuyRent
Amount invested
The amount invested includes the down payment and the capital repayment.
$ 40,000$ 40,000
Total expenses/rent
Total expenses include property taxes, school taxes, maintenance fees, land transfer tax, home insurance, condo fees and rentals, premium on Mortgage loan Insurance, if applicable.
$ 20,352$ 31,844
Selling costs$ 10,201
Total cost$ 70,553$ 71,844
Property value$ 204,020
Mortgage balance$ 160,000
Net property value$ 44,020
Investments$ 40,000
Investment income$ 2,436
Total value of investments$ 42,436
Net costs$ 26,533$ 29,408
Rent vs. Buy