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Buy Versus Rent Comparison Calculator
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Rent Versus Buy Mortgage Calculator

Evaluate the financial tradeoffs between renting and buying a home and determine which option makes the most sense for you. Analyze numerous scenarios including annual rent increases and changes in property value. This calculator factors in all of the expenses associated with home ownership to provide an accurate comparison between home ownership and renting

Inputs
Buy
Rent
 
 
Outputs
Buy
Rent
 
 
 
Comparison of the average monthly rent and monthly mortgage payment over the number of years you plan on staying in the property. Note how the monthly mortgage payment does not change because we are assuming you select a fixed rate mortgage
 
Comparison of the total amount of rent payments and monthly mortgage payments over the number of years you plan on staying in the property
 
 
 
 
Comparison of the average monthly rent and total monthly housing expense over the number of years you plan on staying in the property. Total monthly housing expense captures all of the monthly costs of owning a home including property taxes and insurance
 
Comparison of the total amount of rent payments and total monthly housing expense less the average monthly savings from the interest expense income tax deduction over the number of years you plan on staying in the property
 
Average monthly interest expense income tax deduction benefit over the number of years you plan on staying in the property. The mortgage interest expense income tax deduction is an important factor in comparing renting versus buying and determining how much home you can afford
 
Total amount of the interest expense income tax deduction benefit over the number of years you plan on staying in the property
 
Comparison of the average monthly rent and total monthly housing expense less the average monthly savings from the interest expense income tax deduction over the number of years you plan on staying in the property. The interest expense income tax deduction is a tax benefit that offsets some of your total monthly housing expense
 
Comparison of the total amount of rent payments and total monthly housing expense over the number of years you plan on staying in the property
 
Projected value of the property at the end of the number of years you plan on staying in the property
 
Mortgage balance at the end of the number of years you plan on staying in the property
 
Projected value of your equity in the property at the end of the number of years you plan on staying in the property. Your equity equals the value of the property less the principal mortgage balance
 
Represents the estimated cost to process and close your mortgage including lender costs, third party closing costs and the appraisal fee
 
 
 
 
 
 
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Rate Details*
Loan Program:  
Monthly Payment:  
APR:  
Rate:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
(Estimated)
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
(Estimated)
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
(Estimated)
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Should You Rent or Buy?

1

Do You Like Short or Long Term Commitments?

Owning a home is usually a long-term financial commitment.  Most mortgages are 15-to-30 years in length as compared to most leases which are one year or shorter in length.  Additionally, when you own a home you are responsible for major repairs and upkeep which can be significant financial obligations.  Renters are not typically required to pay for property repairs or maintenance.  People comfortable with long-term commitments and financial responsibility are better suited for owning a home while people seeking flexibility and reduced financial obligation are well suited for renting a home.

2

Sharing the Upside...and the Downside

Buying a home enables you to participate in the upside if your property value increases as compared to renting which does not offer that opportunity.  If the value of the home you are renting increases significantly 100% of that appreciation goes to property owner instead of the renter.  On the other hand, as a renter you are not exposed to the risk that the value of your property declines whereas homeowners could lose a significant amount of money, including all of their down payment, if the value of their home goes down.  Although home ownership provides financial rewards when property values go up, that benefit should be balanced against the downside that property values decrease.

3

Making the Same Monthly Payment Never Gets Old

If you select a fixed rate mortgage, your monthly payment is set and does not change over the life of the loan.  A monthly rent payment, on the other hand, is subject to increase on a yearly basis.  Additionally, if you decide to or are forced to leave the property you are renting your new rent may increase significantly.  Although a monthly mortgage payment involves greater financial responsibility than a rent payment, it also provides greater certainty and peace of mind.  Making the same monthly mortgage payment for up to thirty years may make more financial sense than paying rent increases for thirty years.

4

It is About More Than Just Your Mortgage and Rent Payments

When deciding if you should buy a rent a home you should compare your monthly rent payment to more than just your mortgage payment.  In addition to making your monthly mortgage payment, home owners are required to pay hazard insurance, property taxes and other potential housing expenses such as homeowners association (HOA) dues and mortgage insurance.  Homeowners are also responsible for property maintenance and upkeep costs.  Be sure to compare your monthly rent payment to total monthly housing expense and not just a mortgage payment when you are evaluating renting versus buying a home. 

More FREEandCLEAR Mortgage Resources

Mortgage Guides

Renting Versus Buying Financial Comparison

Analyze the financial impact of renting and buying a home in the near term and over the long run when you include all the expenses that go into owning a home including property tax and homeowners insurance

Resources

Pros and Cons of Buying Versus Renting

Review the pros and cons of buying versus renting a home to understand what option matches your personal and financial objectives

Mortgage Calculators

Rent Payment Mortgage Calculator

Determine what size mortgage you can afford based on your monthly rent payment and current interest rates

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My Mortgage Info

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FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.