Rent or Buy?              
Use this calculator to see the financial difference between renting or buying a home. 
   Renting Costs              
  Monthly rent         $  
  Monthly insurance            
  Rent increases           % 
                 
   Buying Costs              
  Purchase price            
  Down payment     %    
  Mortgage interest rate           %
  Length of mortgage            
  Closing costs      %    
                 
   Home Ownership Costs         Annually  
  Property taxes     %    
  Home maintenance      %    
  Home insurance      %    
  Utilities (monthly)   $      
  Condo fees (monthly)   $      
                 
  What Does the Future Hold?        
  How long do you plan to stay?     yrs
  Home appreciates at           %
  Investment rate of return           %
  Inflation rate           %
  Selling costs           %
   
   
[No canvas support]
                 
Assumptions
The financial gain from buying represents the projected value of your home when you sell minus any outstanding mortgage balance and selling costs. The financial gain from renting represents the growth of  the down payment, closing costs and mortgage insurance since these amounts could be invested instead if you choose to rent. If your rent payment (rent plus insurance) is less than the total buy payment (mortgage payment, property taxes, maintenance, utilities, insurance and condo fees), the annual savings from paying less in rent are added to the investment at the end of each year. If the rent payment is greater than the total buy payment, the difference is subtracted from the investment. The inflation rate is used to calculate annual increases in property taxes, home maintenance, insurance and utilities. If your down payment is less than 20%, the calculator includes the appropriate amount of mortgage insurance. If you enter a down payment less than the required minimum, the calculator adjusts this amount to the minimum. 
Disclaimer
This calculator is for illustrative purposes only. You should not rely on the results as indication of your financial needs and we recommend that you seek out your own investment, legal, tax or professional advice.
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