Enter your numbers and find out which one actually saves you more money over the years โ after mortgage, taxes, upkeep, and resale.
Thinking about buying? Find out how much home you can actually afford first.
๐ก Home Affordability Calculator โ ๐ฐ Check Your Take-Home Pay โDeciding whether to rent or buy is one of the biggest money decisions most people make. This free calculator compares the true total cost of each option over the years you plan to stay, so you can make the choice based on real numbers instead of guesswork.
People often say renting is wasting money, but buying has its own costs that never come back: mortgage interest, property taxes, insurance, maintenance, and the roughly 6% it costs to sell. For a short stay, those costs can easily exceed what you'd spend renting. This tool counts all of them.
The longer you stay, the more buying tends to win. Each mortgage payment builds equity, and the home itself usually grows in value. After enough years, the equity you build and the resale value outweigh the upfront costs โ that's your breakeven point.
To keep things fair, the calculator uses standard estimates: a 30-year mortgage, 3% closing costs when buying, 6% selling costs, property tax around 1.1% per year, insurance around 0.5% per year, and maintenance around 1% of the home's value per year. Rent is assumed to rise each year by the percentage you enter. You can adjust the inputs to match your real situation.
This is an estimate for general information only and is not financial advice. One factor it does not include is the investment return you might earn by investing your down payment instead of buying โ a real consideration for some buyers. Always speak with a licensed financial advisor before a major decision.