Calculators

Rent Vs Buy Calculator

Calculators

Mortgage

Renting Vs Buying

How Much Home Can You Afford?

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What is an amount you’re comfortable paying for a home?

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You can enter a dollar amount or percentage. Some programs allow down payments as low as 3%. Just remember, the more you put down, the less your payment will be.

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We’re using the current average mortgage rate to calculate payments. Your actual rate may vary depending on credit score, loan type and other factors.

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How much per month are you paying for rent?

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Average annual premium insurance typically costs between $300 and $1,000. For a more precise estimate, divide your home cost by 1,000 and multiply by $3.50.

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Utilities costs may include electricity, water, gas, internet and more. Estimate how much you would spend in utilities and enter that number here.

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HOA fees can run between $20 and $400 per month. If you’re interested in purchasing a home with an HOA/Condo fee, enter that monthly cost here.

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Maintenance costs can vary year to year. Setting aside 1% of your home purchase price is recommended.

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Property taxes may vary based on the county your home resides in. You can calculate property tax by dividing the county’s tax rate with the target cost of your home.

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The average cost for renter’s insurance is between $10 and $15 per month.

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Annual rent increases vary based on location, landlord and the area’s supply and demand.

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Utilities costs may include electricity, water, gas, internet and more. Estimate how much you would spend in utilities and enter that number here.

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We entered the current average home price increase percentage in America. You can change to any percentage to compare costs between 1% and 10%.

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Taxpayers may pay anywhere between 10% and 39.6% income tax depending on which tax bracket they fall under. This box is currently shows the average of all income tax rate brackets.

Here is your estimated costs of renting vs buying based on the numbers you provided. Want to see more options? Just enter new numbers to calculate and compare.

 
Renting Costs
$1,257
per month
Buying Cost
per month
CALCULATE

These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.

For example, a Conventional fixed rate loan with the terms purchase price of $312,500, on a loan term of 360 months, down payment of 20%, and an interest rate of 6.5%, will result in an annual percentage rate of 6.598% with $3,613 in APR fees. Rate pulled 09/02/22, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.

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The Numbers Behind Renting and Buying

Should you rent or buy?

Should You Rent or Buy?

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† Website approval pending for inquiries on NY properties.