After 3 years, renting has the lower estimated net cost.
| Buying | Renting | |
|---|---|---|
| Estimated Net Cost: | $118,279.59 | $74,404.44 |
| Home Value: | $546,363.50 | -- |
| Balance on Loan: | $429,046.18 | -- |
| Closing Costs: | $32,781.81 | -- |
Year3 | Buy$118,279.59 | Rent$74,404.44 |
Estimated Cost Difference$43,875.14 | ||
Your Total Equity $117,317.32 |
This calculator gives an estimate for education only. It is not a loan approval, commitment, or rate quote. Actual payments, costs, loan terms, taxes, insurance, and eligibility can differ. Contact a licensed loan officer for a complete review.