Tweet

Is It Better to Rent or Buy? Try our Rent or Buy Calculator

All Calculators

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes.

Arrow

Fill out this short form and a mortgage expert will get in touch with you.

Your Mortgage Goal
Purchase         Refinance
Property Location
Desired Loan Amount
First name
Last name
Preferred Phone
Email 
Your Credit Rating

Are you working with a specific loan officer?

   

Find Your Loan Officer
Terms & Conditions
By clicking the "button" above you are providing express consent to receive calls from or on behalf of Guaranteed Rate, our family of companies, or one of its third party associates to any telephone number you entered, even if it is a cellular phone number or other paid service for which the called or messaged person(s) could be charged for such call or text message. You provide your express written consent for Guaranteed Rate, Inc. to contact you via any means, including by use of an automated telephone dialing systems and artificial; pre-recorded voice messaging in connection with calls; or texts (SMS and MMS) made to any telephone number you provide, even if your telephone number is currently listed on any do not contact E-mail list, internal, corporate, state, or federal Do Not Contact list. Consent is not required as a condition of utilizing Guaranteed Rate's services and you may choose to be contacted by an "individual customer care representative(s)" by Guaranteed Rate at any time click here; or by calling 1-866-934-7283; or by utilizing our services at Loan Options. You may opt-out of receiving calls or other electronic communications at any time by emailing us a Do Not Call Request. If you prefer to be reached at another phone number other than your cellular phone, or any other number given the above, click here


Or call us toll free at 866.934.7283
Mon to Fri 8:30AM-5:30PM CST

Are you thinking about purchasing a home but aren’t sure if it’s the right financial decision for you? Are you wondering, “Is it better to rent or buy a new home?”  This Rent or Buy calculator was designed to help you decide which option is best for you. By simply entering your personal information below, you’ll be able to finally decide which is better for you: purchasing a new home or renting.

 

RENT OR BUY CALCULATOR

The rent or buy calculator is easy-to-use and simple to understand. First, you’ll want to choose a period of time with which to compare. Saving money by buying a home rather than renting one can be seen as a marathon, not a sprint. The longer you plan to be in your home, the more likely that owning is going to save you money.

 

Then input the cost of your monthly rent along with the monthly cost of your renter’s insurance – both those numbers should be easy enough. However, as you likely know, the cost of renting a home tends to go up annually, usually in the neighborhood of 2% to 5%.

 

It’s hard to know exactly how much your rent will increase in any given year so. If you’ve been renting the same home for a while, your previous rental increases should give you a reasonable place to start. If not, then do your best to estimate based on the local rental market.

 

Now, you’ll want to input into the rent or buy calculator the details of a prospective house you’d expect to purchase. This includes the initial purchase price, loan amount for your mortgage, mortgage term in years, interest rate, as well as yearly property taxes and property insurances.

 

The rent or buy calculator takes all this into account and tells you how much you’d save over that set period of time by renting or owning. Try it out with your own circumstances – is it better to rent or buy?

 

MORE MORTGAGE CALCULATORS