Rent vs. Own Calculator
Rent vs. Own Results
| Monthly Rent: | $1,000.00 | |
| Home Purchase Price: | $100,000.00 | |
| Down Payment: | $0.00 | |
| Mortgage Interest Rate: | 5.00% |
| Should you rent or own? | Own | |
| Average monthly payment savings if owning: | $553.18 | |
| Estimated total gain over 7 years if owning: | $76,138.72 |
| Payment Considerations | Rent | Own |
|---|---|---|
| Initial Rent Payment | $1,000.00 | – |
| Renter’s Insurance | $30.00 | – |
| Mortgage Payment | – | $536.82 |
| Property Taxes | – | $104.17 |
| Homeowner’s Insurance | – | $25.00 |
| Before Tax Monthly Payment | $1,030.00 | $665.99 |
| Annual Home Maintenance | – | $500.00 |
| Total Payments Over 7 Years | $93,089.16 | $59,443.02 |
| Total Tax Savings Over 7 Years | – | $12,820.69 |
| Average After Tax Monthly Payment | $1,108.20 | $555.03 |
| Investment Considerations After 7 Years | ||
|---|---|---|
| Estimated Home Selling Price | $131,593.18 | |
| Loan Balance | $87,945.02 | |
| Estimated Cost to Sell | $7,895.59 | |
| Down Payment & Initial Closing Costs With Unearned Interest | $6,080.68 | |
| Investment Gain of Owning vs. Renting | $29,671.89 | |
| Total Payment Savings of Owning vs. Renting | $76,138.72 | |
| Combined Gain of Owning vs. Renting | $46,466.83 |