Rent or Buy Calculator.

We offer two calculators which enable people to quickly decide if it is likely to make more sense to rent or purchase a home. A brief description of each calculator is shown below, while a detailed description of each is within the associated tab for that calculator. A table listing current mortgage rates is beneath the calculators.

  • Basic: Use this tool to see how much home you can afford to buy while paying a monthly payment equivalent to your current rental payment.
  • Advanced: This tool has many more features which enable people to compare the longer term impact of inflation, real estate appreciation & real estate transaction costs when determining which option better suits their needs.

Renter Mortgage Affordability Calculator

This calculator estimates the loan size you could pay for given your current monthly rental payment. It automatically subtracts the cost of property taxes & homeowners insurance from your rent amount to come up with the equivalent loan size. For example, if your rent is $1,500 per month and property taxes and insurance would each cost $100 per month this calculator will figure out what size loan would have the equivalent $1,300 monthly principal & interest payment. Please note that for conventional mortgages where the buyer puts less than 20% down they will likely be required to pay for PMI in addition to their regular monthly home payment.

will estimate the size of a mortgage you could afford based on the size of your monthly rent payment, the downpayment you could afford, and on the anticipated property taxes and homeowners insurance.

Input Amount
Monthly rent payment:
Mortgage interest rate (APR %):
Mortgage term in years:
Annual property taxes ($):
Annual Homeowners insurance ($):
Monthly HOA fee ($):
Property Mortgage Insurance (PMI %):
Downpayment % 0% 10% 20%
Affordable loan amount:
Down payment:
Price of home:
Principal & Interest Payment:
Monthly PMI:
Monthly Payment With PMI, Taxes & Insurance:
Total Interest Paid:

Should You Rent or Buy a Home?

This calculator helps people who are considering buying a home compare the costs of renting a property versus purchasing a property with a loan. In addition to comparing the monthly loan payments against the monthly rental payments it will help buyers decide based on a far more in-depth view of the transactions by comparing a broad range of expenses including opportunity cost, closing costs, inflation, interest, tax savings, property taxes & real estate transaction costs. Please note that no such calculations will remain precise across time as salaries, tax laws & how long you want to live in a place will likely change along with the rate of real estate appreciation & the rate of general inflation across the economy. This calculator is more precise than comparing rent versus loan payments in isolation, though as Yogi Berra famously said, “It's tough to make predictions, especially about the future.”

Input Description Amount
Monthly rent ($):
Monthly rental insurance ($):
Expected annual inflation rate (%):
Purchase price of home ($):
Down payment amount ($):
Length of mortgage term (years):
Mortgage's annual interest rate (APR %):
Discount points on purchase of home (%):
Origination fees (%):
Other loan costs ($):
Mortgage Insurance (PMI %):
Homeowners insurance rate ($):
Monthly association dues ($):
Average monthly maintenance ($):
Annual property tax ($):
State plus Federal income tax rate (%):
Interest rate you expect to earn on savings (%):
Expected percentage your home will appreciate by each year (%):
Number of years you will stay at this property:
Realtor commission rate (%):
Result Descriptions Amount
Total estimated cost of renting:
Total estimated cost of buying:

Current Mortgage Rates

The following table highlights locally available current mortgage rates.

Woman Choosing Between Buying or Renting a Home.