See what may work financially for you—to rent or buy.
Wondering if you should rent or buy your next home? Here is a calculator to help decide just that. Just plug in some details about your situation. You'll get an idea of what owning might cost you versus renting, so you can make a more informed decision.
Question answer section
RENT VS. BUY CALCULATOR
You may save about $200,000, owning a home instead of renting your current place or one like it (over 30 years).
Information and interactive calculators are made available as self-help tools for your independent use and are intended for educational purposes only. Any results are estimates and we do not guarantee their applicability or accuracy to your specific circumstances
Based on the information you provided regarding a possible home you may plan to either rent or buy, you may save the estimated amount listed above over the time you plan to be in your home. This takes into account the estimated amounts you will pay for rent and homeownership expenses, as well as what your home may be worth in the future if you owned it. Mortgage insurance expenses—which you may have to pay if your down payment is less than 20%—are not included in this calculation. It's important to remember that these savings can go up or down, due to various reasons, including if you live in your residence for more or less time than you anticipated.
You selected an adjustable rate mortgage or ARM. Based on the home you plan to either rent or buy, you could save the estimated amount listed above over the time you plan to be in your home. This takes into account the estimated amounts you will pay for rent and homeownership expenses*, as well as what your home could be worth in the future if you owned it. Mortgage insurance expenses—which you may have to pay if your downpayment is less than 20%—are not included in this calculation. It's important to remember that these savings can go up or down if you live in your residence for more or less time than you anticipated.
* The information above is based on the interest rate during the fixed rate period of the ARM you selected. For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate.
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