This rent vs. buy calculator provides customized information based on the information you provide. But, it also makes some assumptions about mortgage insurance and other costs, which can be significant. It will help you determine whether buying a home is a better deal than renting.
Before deciding whether it’s best to rent or buy, consider your situation. There’s a right time to rent and a right time to buy. You should weigh the pros and cons for renting vs. buying to determine if you’re ready for the journey to home ownership. Find answers to the question “is buying a better option for me than renting?” and determine whether home ownership seems right for you.
Estimated monthly payment and APR example: A $464,000 loan amount with a 30-year term at an interest rate of 6.500% with a down payment of 25% and no discount points purchased would result in an estimated principal and interest monthly payment of $2,933 over the full term of the loan with an Annual Percentage Rate (APR) of 6.667%.1
Interest rates vary depending on the type of mortgage you choose. See the differences and how they can impact your monthly payment.