Rent vs Buy calculator

1. Payment example: An interest rate of 6.5% (6.791% APR) is for the cost of 2.00 point(s) ($7,000.00) paid at closing. On a $350,000 mortgage, you would make monthly payments of $2,212.24. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

2. Equity example: The equity you have in your home is equal to its projected value at any given year minus the loan balance. For example, if you put 20% down on a $250,000 purchase with a 30-year fixed-rate loan at 6.5%, and assuming a 3.18% annual appreciation rate on the home's value, your equity after 5 years would be approximately $107,878.

3. Cost breakdown: The total cost and Year 1 cost include one-time expenses associated with getting a mortgage. These include, but aren't limited to, your down payment and closing costs. For renting, the one-time expense includes a security deposit. These one-time expenses are not reflected in the monthly cost or any yearly cost after the first year. The cost breakdown is for estimation purposes only. Qualification, rates and payments will vary based on timing and individual circumstances. Estimates provided by Broker Lenders.