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Rent vs Buy Calculator

Should you rent or buy? Home ownership is a great way to build long-term wealth, and the interest portion of your mortgage payment may be tax deductible. However, renting may make more sense over shorter periods—and a larger standard tax deduction recently may make renting more attractive than it once was. This calculator helps you compare the total cost of renting versus buying a home over time, so you can make an informed decision that fits your situation.

Buying a Home

Enter the home price, down payment, and mortgage details.

These are example values. Update them to reflect your personal situation.

$
$50,000 $10,000,000
$
$0 $10,000,000
%
years

Renting

Enter your current or expected monthly rent and how much it may increase each year.

$
$500 $100,000
%

Your Rent vs. Buy Comparison

Based on a 30-year comparison period.

Buying Costs Less

$170,538

Over 30 years, buying may cost $170,538 less in total payments than renting.
⌂ Buy a Home
Loan Amount
$450,000
Monthly Payment
$2,698
Total Payments (30 Years)
$971,272
Total Payments (5 Years)
$211,879
⌂ Rent a Home
Starting Monthly Rent
$2,000
Final Year Monthly Rent
$4,713
Total Rent Paid (30 Years)
$1,141,810
Total Rent Paid (5 Years)
$127,419

Cumulative Cost Over Time

The Mortgage Interest Rate and Annual Rent Increase are both hypothetical examples used for illustrative purposes only. They do not represent any specific mortgage rate or any renting market. Actual returns will fluctuate. The illustration does not take into account property tax, insurance, maintenance, or other costs. Calculations do not take into consideration home resale value nor the costs of resale.

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