Rent VS Buy Calculator
How does the Rent VS Buy Calculator help?
Renting
Enter your weekly rent, quarterly electricity, gas, and water bills, along with your current savings and monthly savings percentage, to see how renting impacts your finances.
Buying
Input the property price, loan amount, loan term, interest rate, and your state to explore the costs and potential returns of purchasing a home.
With detailed assumptions and a period of analysis, our Rent vs Buy Calculator helps you visualise your net worth over time, guiding you toward the best choice for your future.
How Rent VS Buy Calculator Works?
Input Parameters
Renting - Weekly rent, quarterly utility bills (electricity, gas, water), current savings, and monthly savings.
Buying - Property price, loan amount, loan term, interest rate, and location (state).
Financing Variables
Renting - The calculator considers the total costs over a period, including rent and utility bills, existing savings and their potential based on the specified interest rate.
Buying - The total costs of purchasing a home are calculated based on property price, loan amount, interest rate, and upfront costs like stamp duty and insurance and mortgage repayments while comparing them with home equity and capital gains over time.
Comparison and Visualisation
With a net worth projection graph, the calculator presents potential returns and costs of renting versus buying over the specified period to help users make their housing decisions.
Decision Making Support
Insights are offered into whether renting or buying may be more financially beneficial for the user, with recommendations or scenarios based on assumptions to help users with housing choices and related decision-making.