Tools

Buy vs. Rent

Is buying cheaper than renting for the years you will be here? This compares what each one really costs, including what you get back when you sell.

Useful for first-time buyers, parents of college students, and anyone thinking about renting out rooms. Estimate only; nothing you enter is sent to me.

How long you will stay

Years you plan to own

Renting

Rent you would pay (per month)

Buying

Home price

Down payment

Interest rate

Use a rate a lender quoted you; 30-year loan.

Property taxes (per year)

On the purchase price, not the seller's current bill. A home you rent out or buy for a student usually gets no homestead exemption.

Homeowner's insurance (per year)

Flood insurance (per year)

HOA or condo dues (per month)

Room rent you would collect (per month, optional)

Roommates' rent, combined. Leave blank if you will not rent out rooms.

Assumptions

Change any of these

Home value growth (per year)

No one knows future prices. Try a lower number to stress-test.

Rent increase (per year)

Maintenance and repairs (per year)

Of the home value. Older homes need more.

Buyer closing costs

Of the price, paid when you buy.

Cost to sell

Commission plus seller closing costs when you sell. Commission is negotiable.

What your down payment could earn instead (per year)

Money tied up in a home is money not earning interest elsewhere.

Mortgage insurance rate (per year)

Only under 20% down.

Your comparison

Enter rent, price and rate

Fill in the rent you would pay, the home price and your quoted rate.

Estimate only. This compares simplified costs using the assumptions above. Home values, rents, rates, taxes and insurance change, and your results will differ. Taxes, insurance and dues are held flat; income tax effects are not included. It is not financial, tax or legal advice. Talk to a licensed lender and a tax professional before deciding.

Weighing it for real?

I can walk you through what buying would look like in North Central Florida, from the lender to the neighborhoods to what a home could sell for when you are done with it.

Talk through the numbers

See the full monthly cost →

(850) 718-8391 (cell)
brantleywillis@kw.com