Rent vs. Buy
What would owning cost you each month?
Put in what you pay in rent and the price of homes you are looking at. The calculator adds up the mortgage, property tax, insurance, and HOA so you can compare them side by side.
Your numbers
Use the rate a lender quotes you. The default is only an example.
Percent of the price per year. A homestead exemption lowers it after the first year.
Per year. Roof age, flood zone, and wind coverage change it a lot.
Monthly comparison
Owning costs $1,388 more per month
- Mortgage (principal and interest)
- $2,960
- Property tax
- $675
- Home insurance
- $375
- Mortgage insurance
- $178
Cash needed to buy
- Down payment
- $22,500
- Closing costs (about 3%)
- $13,500
- Total
- $36,000
Paid toward your loan in year one
$4,019
This part of your payments lowers what you owe, so it stays with you as equity in the home.
How this is calculated
- A 30-year fixed mortgage on the price minus your down payment.
- Mortgage insurance of 0.5% of the loan per year when the down payment is under 20%.
- Closing costs of about 3% of the price. Some loans and assistance programs cover part of this.
- It leaves out repairs, utilities, and changes in rent or home values over time.
This is an estimate to start a conversation, not a loan offer. A lender sets your real rate and costs.
Want real numbers for your situation?
Jose can walk you through loan options like FHA and down payment assistance and connect you with a lender who fits your situation.