How RentOrOwn works

RentOrOwn compares the true long-term cost of buying a home versus continuing to rent. Unlike simple mortgage calculators, we account for property taxes, home insurance, HOA fees, maintenance costs, PMI, and the opportunity cost of your down payment — money that could otherwise be invested.

We do not tell you whether to buy or rent. We show you the math so you can make that decision yourself.

Every number in this calculator is an estimate based on your inputs and assumptions about the future. Real life is more complex:

• Property taxes can change year to year
• Home maintenance costs are unpredictable
• Mortgage rates shown are illustrative — your actual rate depends on your credit score, lender, and market conditions at the time you apply
• Home appreciation varies significantly by location and market cycle — past averages do not guarantee future returns
• Rent growth rates vary by city and landlord
• Investment returns are not guaranteed

This calculator cannot account for your personal financial situation, tax deductions (such as mortgage interest deduction — consult a tax professional for your specific situation), job security, life plans, or local market conditions.

We have tried to make the calculations as accurate as possible for an estimation tool. The amortization schedule uses the standard formula used by lenders. However:

• We round to the nearest dollar in several places
• Maintenance is modeled as a fixed percentage of home value — actual costs are lumpy and unpredictable
• We assume constant rent growth — actual rent can spike or drop significantly
• PMI removal is modeled at 20% equity — actual PMI removal requires a formal appraisal and lender approval

If you find a calculation that appears incorrect, please verify against your lender's official loan estimate documents, which are the legally required accurate figures for your specific situation.