Whether it’s better to buy or rent a home has long been a topic of debate. On the one hand, buying a home can often help you build equity as a homeowner. On the other hand, renting can come with fewer maintenance responsibilities (and you can bypass saving for a large down payment).
But the best decision can sometimes lie in the numbers. This calculator helps you plug in the digits to determine whether renting is better from a financial standpoint. It accounts for home price, down payment, mortgage rate, mortgage terms, the rent growth rate, home price growth rate, taxes, closing costs, and more. So you should end up with a monthly payment forecast that’s much more comprehensive than you trying to calculate it yourself.