Rent vs. Buy Calculator
Based on your inputs
After 6 years, 4 months, buying becomes cheaper than renting.
Over your 10-year horizon, buying saves you $95,736 — about $798/month
Cost Over Time
Cost Breakdown
| Category | Renting | Buying | Difference |
|---|---|---|---|
| Initial Costs | $6,720 | $92,000 | $85,280 |
| Recurring Costs | $416,827 | $361,938 | $54,888 |
| Opportunity Cost | $2,881 | $44,182 | $41,301 |
| Tax Benefits | $0 | -$22,290 | $22,290 |
| Net Proceeds | -$132,235 | -$236,073 | $103,838 |
| Total (inflation-adj.) | $216,763 | $178,402 | $38,361 |
Over 10 years, buying this home saves you an estimated $95,736 compared to renting — that's about $798/month. Your total buying costs including mortgage, taxes, insurance, and maintenance come to $195,575, while renting would cost $291,311 after accounting for investment returns on your saved down payment.
Based on your filing status (Single), your mortgage interest and property tax deductions exceed the $15,000 standard deduction in the early years, saving you approximately $22,290 in taxes over 10 years. This benefit decreases over time as your mortgage interest payments decline.
Buying is clearly the stronger financial choice at this time horizon. The longer you stay, the more you save — and you're building $268,458 in home equity along the way.
Home Equity After 10 Years
Estimated equity in your home at the selected time horizon
Ready to explore homeownership?
AI Analysis
Calculations are estimates for illustrative purposes only and are not an offer or commitment to lend. Actual rates, payments, and costs may vary based on credit approval, program, and market conditions.
