Rent vs Buy Calculator
Rent vs Buy Calculator
Results Summary
{{ buyingIsCheaper ? 'BUYING' : 'RENTING' }} becomes profitable in year {{ crossoverYear || loanTerm }}
| Buying | Renting | |
|---|---|---|
| {{ row.label }} | {{ row.buy }} | {{ row.rent }} |
Net Spent
{{ rateNote }}
Your Total Equity
Cost
If you opt for homeownership of a property valued at {{ formatCurrency(homePrice) }}, your total expenses out of your pocket for {{ selectedYear }} years would add up to {{ formatCurrency(selectedRow.buyCashSpent) }}. However, if you choose to rent instead, your overall expenditure would come to {{ formatCurrency(selectedRow.rentNetSpent) }}, thus saving you {{ formatCurrency(cashSaving) }} (which also covers the down payment you would have otherwise made). meaning buying costs {{ formatCurrency(-cashSaving) }} more out of pocket over this period.
Your Total Equity
After {{ selectedYear }} years, if you choose to purchase the property, the value of equity in your home would be {{ formatCurrency(totalEquity) }}, which you can access upon selling it.
Bottom Line
Based on the overall expenses incurred and the equity gained, it would be more advantageous for you to buy the property instead of renting, provided you intend to reside in the house for more than {{ crossoverYear || selectedYear }} years. advantageous for you to rent, unless you intend to stay in the home well beyond {{ selectedYear }} years.
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