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Out of Pocket Cost: After 8 year(s), your total out of pocket cost of homeownership for a $580,000 home would be $428,724. Your total cost to rent would be $208,669. Renting will leave you with $220,055 in your pocket (which includes the money you didn't spend on a down payment).
Financial Gain: After 8 year(s), if you buy, your home will have $268,603 in equity (available to you when you sell).
Summary: Looking at the total costs and equity earned, it's better for you to buy than rent if you plan to live in your home more than 8 Year(s).
| Rent: | $208,669 | |
| Buy: | $204,205 | |
| Loan details | Buying (spent) | House value | Renting | Rent vs. Buy | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | Interest | Loan Balance | Payments | PMI/FHA fees | Taxes | Insurance | Expenses | Tax Savings | Spent | Total Spent | House Value | Home Value (net) | Total Rent | Total Rent Expenses | Buy Net | Rent Net | Rent vs Buy |
| 1 | 35,745 | 516,574 | 99,171 | 0 | 6,000 | 1,500 | 6,400 | (10,436) | 102,635 | 102,635 | 597,400 | 561,556 | 24,000 | 312 | 57,652 | 24,312 | 33,340 |
| 2 | 35,359 | 510,762 | 41,171 | 0 | 6,180 | 1,545 | 6,574 | (10,385) | 45,085 | 147,720 | 615,322 | 578,403 | 48,480 | 630 | 80,079 | 49,110 | 30,969 |
| 3 | 34,947 | 504,538 | 41,171 | 0 | 6,365 | 1,591 | 6,753 | (10,328) | 45,553 | 193,273 | 633,782 | 595,755 | 73,450 | 955 | 102,056 | 74,404 | 27,651 |
| 4 | 34,505 | 497,871 | 41,171 | 0 | 6,556 | 1,639 | 6,938 | (10,265) | 46,039 | 239,312 | 652,795 | 613,627 | 98,919 | 1,286 | 123,556 | 100,205 | 23,351 |
| 5 | 34,031 | 490,731 | 41,171 | 0 | 6,753 | 1,688 | 7,128 | (10,196) | 46,544 | 285,856 | 672,379 | 632,036 | 124,897 | 1,624 | 144,551 | 126,521 | 18,031 |
| 6 | 33,524 | 483,085 | 41,171 | 0 | 6,956 | 1,739 | 7,324 | (10,120) | 47,069 | 332,925 | 692,550 | 650,997 | 151,395 | 1,968 | 165,013 | 153,363 | 11,650 |
| 7 | 32,981 | 474,895 | 41,171 | 0 | 7,164 | 1,791 | 7,526 | (10,036) | 47,615 | 380,541 | 713,327 | 670,527 | 178,423 | 2,319 | 184,909 | 180,742 | 4,166 |
| 8 | 32,400 | 466,124 | 41,171 | 0 | 7,379 | 1,845 | 7,733 | (9,945) | 48,184 | 428,724 | 734,727 | 690,643 | 205,991 | 2,678 | 204,205 | 208,669 | 4,464 |
| 9 | 31,777 | 456,729 | 41,171 | 0 | 7,601 | 1,900 | 7,947 | (9,844) | 48,775 | 477,499 | 756,768 | 711,362 | 234,111 | 3,043 | 222,866 | 237,155 | 14,288 |
| 10 | 31,110 | 446,668 | 41,171 | 0 | 7,829 | 1,957 | 8,168 | (9,735) | 49,390 | 526,889 | 779,472 | 732,703 | 262,793 | 3,416 | 240,854 | 266,210 | 25,356 |
| 11 | 30,395 | 435,892 | 41,171 | 0 | 8,063 | 2,016 | 8,395 | (9,615) | 50,030 | 576,919 | 802,856 | 754,684 | 292,049 | 3,797 | 258,127 | 295,846 | 37,719 |
| 12 | 29,630 | 424,351 | 41,171 | 0 | 8,305 | 2,076 | 8,629 | (9,484) | 50,697 | 627,617 | 826,941 | 777,325 | 321,890 | 4,185 | 274,643 | 326,075 | 51,432 |
| 13 | 28,810 | 411,991 | 41,171 | 0 | 8,555 | 2,139 | 8,869 | (9,341) | 51,392 | 679,009 | 851,750 | 800,645 | 352,328 | 4,580 | 290,355 | 356,908 | 66,553 |
| 14 | 27,933 | 398,753 | 41,171 | 0 | 8,811 | 2,203 | 9,117 | (9,186) | 52,116 | 731,125 | 877,302 | 824,664 | 383,375 | 4,984 | 305,214 | 388,358 | 83,144 |
| 15 | 26,993 | 384,574 | 41,171 | 0 | 9,076 | 2,269 | 9,373 | (9,017) | 52,871 | 783,997 | 903,621 | 849,404 | 415,042 | 5,396 | 319,167 | 420,438 | 101,270 |
| 16 | 25,986 | 369,389 | 41,171 | 0 | 9,348 | 2,337 | 9,636 | (8,833) | 53,659 | 837,655 | 930,730 | 874,886 | 447,343 | 5,815 | 332,158 | 453,158 | 121,000 |
| 17 | 24,907 | 353,126 | 41,171 | 0 | 9,628 | 2,407 | 9,907 | (8,634) | 54,480 | 892,135 | 958,652 | 901,133 | 480,290 | 6,244 | 344,128 | 486,533 | 142,405 |
| 18 | 23,753 | 335,707 | 41,171 | 0 | 9,917 | 2,479 | 10,187 | (8,417) | 55,336 | 947,471 | 987,411 | 928,167 | 513,895 | 6,681 | 355,012 | 520,576 | 165,564 |
| 19 | 22,516 | 317,052 | 41,171 | 0 | 10,215 | 2,554 | 10,474 | (8,183) | 56,231 | 1,003,702 | 1,017,034 | 956,012 | 548,173 | 7,126 | 364,743 | 555,300 | 190,557 |
| 20 | 21,191 | 297,072 | 41,171 | 0 | 10,521 | 2,630 | 10,770 | (7,928) | 57,165 | 1,060,867 | 1,047,545 | 984,692 | 583,137 | 7,581 | 373,247 | 590,718 | 217,471 |
| 21 | 19,772 | 275,673 | 41,171 | 0 | 10,837 | 2,709 | 11,075 | (7,652) | 58,140 | 1,119,007 | 1,078,971 | 1,014,233 | 618,800 | 8,044 | 380,447 | 626,844 | 246,397 |
| 22 | 18,253 | 252,755 | 41,171 | 0 | 11,162 | 2,790 | 11,390 | (7,354) | 59,159 | 1,178,166 | 1,111,340 | 1,044,660 | 655,176 | 8,517 | 386,261 | 663,693 | 277,432 |
| 23 | 16,625 | 228,209 | 41,171 | 0 | 11,497 | 2,874 | 11,713 | (7,030) | 60,225 | 1,238,391 | 1,144,680 | 1,075,999 | 692,279 | 9,000 | 390,600 | 701,279 | 310,679 |
| 24 | 14,882 | 201,920 | 41,171 | 0 | 11,842 | 2,960 | 12,047 | (6,681) | 61,339 | 1,299,729 | 1,179,021 | 1,108,279 | 730,125 | 9,492 | 393,370 | 739,616 | 346,246 |
| 25 | 13,015 | 173,764 | 41,171 | 0 | 12,197 | 3,049 | 12,390 | (6,303) | 62,504 | 1,362,234 | 1,214,391 | 1,141,528 | 768,727 | 9,993 | 394,470 | 778,721 | 384,250 |
| 26 | 11,016 | 143,609 | 41,171 | 0 | 12,563 | 3,141 | 12,744 | (5,895) | 63,724 | 1,425,957 | 1,250,823 | 1,175,774 | 808,102 | 10,505 | 393,793 | 818,607 | 424,814 |
| 27 | 8,875 | 111,313 | 41,171 | 0 | 12,940 | 3,235 | 13,108 | (5,454) | 65,000 | 1,490,957 | 1,288,348 | 1,211,047 | 848,264 | 11,027 | 391,223 | 859,291 | 468,068 |
| 28 | 6,581 | 76,723 | 41,171 | 0 | 13,328 | 3,332 | 13,483 | (4,977) | 66,337 | 1,557,294 | 1,326,998 | 1,247,378 | 889,229 | 11,560 | 386,639 | 900,789 | 514,150 |
| 29 | 4,125 | 39,677 | 41,171 | 0 | 13,728 | 3,432 | 13,870 | (4,463) | 67,737 | 1,625,031 | 1,366,808 | 1,284,800 | 931,014 | 12,103 | 379,909 | 943,117 | 563,208 |
| 30 | 1,494 | 0 | 41,171 | 0 | 14,139 | 3,535 | 14,268 | (3,908) | 69,205 | 1,694,236 | 1,407,812 | 1,323,343 | 973,634 | 12,657 | 370,893 | 986,291 | 615,398 |
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