Rent vs. buy calculator
Is it time to buy?
Compare the real cost of renting against owning over your time horizon, accounting for the equity you build as you pay down your mortgage.
Over 5 years
Renting wins
by about $43,297
Net cost of buying$196,200
Total cost of renting$152,903
Mortgage payment$3,021
Equity built (principal)$59,833
A simplified comparison. Buying nets out home equity you keep; it ignores home-price appreciation and what you might earn investing the down payment. Assumes ~1%/yr property tax & upkeep, 1.5% closing costs, 3%/yr rent growth.