Rent vs. buy calculator

The decision between renting and buying is a crucial financial choice. Use this handy calculator to find out what decision is best for you.

Page written by AI. Reviewed internally on June 26, 2024.

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This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.

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Rent monthly cost


Rent total cost


Buy monthly cost


Buy total cost


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What is a rent vs. buy calculator?

A rent vs. buy calculator is a financial tool designed to help you evaluate the financial implications of renting versus buying a property, and assists you in making an informed decision by comparing the costs associated with renting and buying over a specified period.

What other factors should be considered?

Several factors can influence the decision between renting and buying. These factors can have a big impact on the financial outcome and should be carefully considered. 

  1. Financial stability and flexibility: Your current financial situation can greatly affect your ability to secure a mortgage. Renting offers more flexibility in case of financial changes or unexpected expenses.

  2. Location and housing market conditions: The market in the area you’re considering can significantly influence the decision. High-demand areas may have higher property prices, making renting a more practical option.

  3. Duration of stay: Consider how long you plan to stay in the area. If you anticipate moving within a few years, renting may be more cost-effective.

  4. Upfront costs and down payment: Buying a home typically requires a significant down payment, which can be a barrier for some buyers. Renting usually involves lower upfront costs.

  5. Mortgage interest rates: Interest rates impact the cost of financing a property. Higher rates can lead to higher monthly mortgage payments and may influence the affordability of buying.

  6. Opportunity cost of down payment: The down payment used for buying a property could potentially be invested elsewhere, generating returns. This is known as the opportunity cost, and it should be considered when deciding to buy.

  7. Market rent vs. mortgage payment: Compare the monthly cost of renting a similar property to the monthly cost of owning. This can provide a clear financial comparison.

  8. Inflation and economic factors: Economic conditions, including inflation rates and employment stability, can impact both the market and the overall financial landscape

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