Should you keep renting, or buy?
Compare estimated cash spent renting with estimated buying costs over the years you plan to stay. No appreciation guesses, no pressure. Just a clear starting point before a real conversation.
Estimated monthly cost to own
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Principal & interest plus a rough taxes/insurance placeholder (1.5% of price per year)
Total rent paid over the period
$0
Total buy payments over the period
$0
Estimated equity built
$0
Down payment + principal paid (value held flat)
Estimated net cost of buying
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Buy payments + down payment, minus equity
Enter your numbers to compare.
Estimate only. Not a pre-approval, rate quote, or commitment to lend. Your actual numbers depend on a full review of credit, income, assets, and the property.
Is it better to rent or buy?
Buying usually wins the longer you stay, because closing costs and selling costs get spread over more years while your loan balance drops and the home may appreciate. Renting often wins for short stays or when you expect to move within a few years. The break-even point depends on your rent, price, rate, and how long you plan to live there.
Written by Keith Lopez, NMLS #2814077. Educational estimate only, not a commitment to lend.
Common questions
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How many years do I need to stay for buying to make sense?
There is no single answer. It depends on the gap between rent and the full ownership cost, your down payment, your rate, and appreciation. Try the calculator at 3, 5, and 7 years to see where the lines cross for your numbers.
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What appreciation rate should I use?
Use a conservative number. Past appreciation does not guarantee future results, and prices can flatten or fall. Running a low, middle, and high case gives you a more honest picture than a single guess.
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Does the calculator count equity from paying down the loan?
Yes. Each principal payment lowers your loan balance, and that equity counts toward the buying side when you sell. Early in a 30-year loan most of the payment is interest, so equity builds slowly at first.
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What costs of owning are easy to forget?
Maintenance and repairs, HOA dues, higher insurance in coastal areas, and the cost to sell (agent commission, transfer taxes or deed stamps, and closing costs). Leaving these out makes buying look better than it is.
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What if I cannot afford the down payment yet?
FHA allows 3.5% down, some conventional loans allow 3%, VA and USDA can be 0% down for eligible buyers, and each state has down payment assistance programs. A strategy session can show which options fit your income and credit.
Read more before you run the numbers
- First-Time Buyers Closing Costs for First-Time Buyers in South Carolina: What to Budget Beyond Your Down Payment First-time buyers in South Carolina need to budget more than just a down payment. This guide explains attorney closing requirements, common fee categories, and strategies to reduce out-of-pocket costs.
- First-Time Buyers FHA Down Payment in Richmond Hill, GA: What First-Time Buyers Need to Know FHA loans require as little as 3.5% down in Richmond Hill, GA, and down payment assistance programs may cover that cost. Here is what first-time buyers need to know before applying.
- Loan Programs Conventional Loan Down Payment Requirements in North Carolina Conventional loans in North Carolina allow down payments starting at 3% for eligible buyers, but the right amount depends on your savings, PMI tolerance, and cash-to-close budget. Here is what you need to know before you decide.
Try another calculator.
All of these run in your browser. Estimates only, not a pre-approval or rate quote.
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Payment calculator
Ballpark monthly principal and interest from a home price.
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Home affordability
Estimate a home-price range from income, debts, and down payment.
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Rate options
Compare rates with and without points, including monthly savings and breakeven.
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Property compare
Compare up to three homes and download a payment breakdown PDF.
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Program compare
Pick any 2 to 4 programs, including FHA 20 vs FHA 30 or a doctor loan, and compare cash to close.
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Refinance compare
Compare refinance options by program, fixed or ARM, points, and cash to close.
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Want a decision you can trust?
Bring your rent, savings, and timeline to a free Mortgage Strategy Session. We will map what actually fits.
Keith Lopez, NMLS #2814077 | NEXA Mortgage, LLC, NMLS #1660690 | Licensed in NC, SC & GA | Equal Housing Opportunity