Out of Pocket Cost: After 9 year(s), your total out of pocket cost of homeownership for a $580,000 home would be $485,055. Your total cost to rent would be $237,155. Renting will leave you with $247,900 in your pocket (which includes the money you didn't spend on a down payment).
Financial Gain: After 9 year(s), if you buy, your home will have $297,288 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 9 Year(s).
Rent: | $237,155 | |
Buy: | $233,172 |
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 | 37,261 | 516,869 | 100,392 | 0 | 6,000 | 1,500 | 6,400 | (10,815) | 103,477 | 103,477 | 597,400 | 561,556 | 24,000 | 312 | 58,790 | 24,312 | 34,478 |
2 | 36,881 | 511,357 | 42,392 | 0 | 6,180 | 1,545 | 6,574 | (10,765) | 45,926 | 149,403 | 615,322 | 578,403 | 48,480 | 630 | 82,358 | 49,110 | 33,247 |
3 | 36,472 | 505,437 | 42,392 | 0 | 6,365 | 1,591 | 6,753 | (10,709) | 46,393 | 195,796 | 633,782 | 595,755 | 73,450 | 955 | 105,478 | 74,404 | 31,074 |
4 | 36,034 | 499,079 | 42,392 | 0 | 6,556 | 1,639 | 6,938 | (10,647) | 46,878 | 242,674 | 652,795 | 613,627 | 98,919 | 1,286 | 128,125 | 100,205 | 27,921 |
5 | 35,562 | 492,249 | 42,392 | 0 | 6,753 | 1,688 | 7,128 | (10,579) | 47,383 | 290,056 | 672,379 | 632,036 | 124,897 | 1,624 | 150,269 | 126,521 | 23,748 |
6 | 35,056 | 484,913 | 42,392 | 0 | 6,956 | 1,739 | 7,324 | (10,503) | 47,908 | 337,964 | 692,550 | 650,997 | 151,395 | 1,968 | 171,880 | 153,363 | 18,517 |
7 | 34,513 | 477,034 | 42,392 | 0 | 7,164 | 1,791 | 7,526 | (10,419) | 48,454 | 386,417 | 713,327 | 670,527 | 178,423 | 2,319 | 192,924 | 180,742 | 12,182 |
8 | 33,929 | 468,571 | 42,392 | 0 | 7,379 | 1,845 | 7,733 | (10,327) | 49,022 | 435,440 | 734,727 | 690,643 | 205,991 | 2,678 | 213,367 | 208,669 | 4,698 |
9 | 33,302 | 459,480 | 42,392 | 0 | 7,601 | 1,900 | 7,947 | (10,226) | 49,615 | 485,055 | 756,768 | 711,362 | 234,111 | 3,043 | 233,172 | 237,155 | 3,982 |
10 | 32,628 | 449,716 | 42,392 | 0 | 7,829 | 1,957 | 8,168 | (10,114) | 50,231 | 535,286 | 779,472 | 732,703 | 262,793 | 3,416 | 252,299 | 266,210 | 13,911 |
11 | 31,904 | 439,228 | 42,392 | 0 | 8,063 | 2,016 | 8,395 | (9,992) | 50,874 | 586,160 | 802,856 | 754,684 | 292,049 | 3,797 | 270,704 | 295,846 | 25,142 |
12 | 31,127 | 427,963 | 42,392 | 0 | 8,305 | 2,076 | 8,629 | (9,858) | 51,544 | 637,705 | 826,941 | 777,325 | 321,890 | 4,185 | 288,343 | 326,075 | 37,732 |
13 | 30,292 | 415,863 | 42,392 | 0 | 8,555 | 2,139 | 8,869 | (9,712) | 52,243 | 689,948 | 851,750 | 800,645 | 352,328 | 4,580 | 305,166 | 356,908 | 51,742 |
14 | 29,396 | 402,867 | 42,392 | 0 | 8,811 | 2,203 | 9,117 | (9,552) | 52,972 | 742,919 | 877,302 | 824,664 | 383,375 | 4,984 | 321,123 | 388,358 | 67,236 |
15 | 28,433 | 388,908 | 42,392 | 0 | 9,076 | 2,269 | 9,373 | (9,377) | 53,733 | 796,652 | 903,621 | 849,404 | 415,042 | 5,396 | 336,156 | 420,438 | 84,282 |
16 | 27,398 | 373,914 | 42,392 | 0 | 9,348 | 2,337 | 9,636 | (9,187) | 54,527 | 851,179 | 930,730 | 874,886 | 447,343 | 5,815 | 350,207 | 453,158 | 102,952 |
17 | 26,287 | 357,809 | 42,392 | 0 | 9,628 | 2,407 | 9,907 | (8,979) | 55,356 | 906,534 | 958,652 | 901,133 | 480,290 | 6,244 | 363,211 | 486,533 | 123,323 |
18 | 25,094 | 340,511 | 42,392 | 0 | 9,917 | 2,479 | 10,187 | (8,753) | 56,222 | 962,757 | 987,411 | 928,167 | 513,895 | 6,681 | 375,101 | 520,576 | 145,475 |
19 | 23,812 | 321,930 | 42,392 | 0 | 10,215 | 2,554 | 10,474 | (8,507) | 57,128 | 1,019,885 | 1,017,034 | 956,012 | 548,173 | 7,126 | 385,803 | 555,300 | 169,496 |
20 | 22,435 | 301,973 | 42,392 | 0 | 10,521 | 2,630 | 10,770 | (8,239) | 58,075 | 1,077,959 | 1,047,545 | 984,692 | 583,137 | 7,581 | 395,241 | 590,718 | 195,477 |
21 | 20,956 | 280,537 | 42,392 | 0 | 10,837 | 2,709 | 11,075 | (7,948) | 59,065 | 1,137,025 | 1,078,971 | 1,014,233 | 618,800 | 8,044 | 403,329 | 626,844 | 223,515 |
22 | 19,368 | 257,513 | 42,392 | 0 | 11,162 | 2,790 | 11,390 | (7,632) | 60,102 | 1,197,126 | 1,111,340 | 1,044,660 | 655,176 | 8,517 | 409,979 | 663,693 | 253,713 |
23 | 17,661 | 232,782 | 42,392 | 0 | 11,497 | 2,874 | 11,713 | (7,290) | 61,187 | 1,258,313 | 1,144,680 | 1,075,999 | 692,279 | 9,000 | 415,096 | 701,279 | 286,183 |
24 | 15,829 | 206,219 | 42,392 | 0 | 11,842 | 2,960 | 12,047 | (6,918) | 62,323 | 1,320,636 | 1,179,021 | 1,108,279 | 730,125 | 9,492 | 418,576 | 739,616 | 321,041 |
25 | 13,860 | 177,687 | 42,392 | 0 | 12,197 | 3,049 | 12,390 | (6,514) | 63,514 | 1,384,151 | 1,214,391 | 1,141,528 | 768,727 | 9,993 | 420,310 | 778,721 | 358,411 |
26 | 11,746 | 147,041 | 42,392 | 0 | 12,563 | 3,141 | 12,744 | (6,077) | 64,762 | 1,448,913 | 1,250,823 | 1,175,774 | 808,102 | 10,505 | 420,180 | 818,607 | 398,427 |
27 | 9,475 | 114,124 | 42,392 | 0 | 12,940 | 3,235 | 13,108 | (5,604) | 66,071 | 1,514,984 | 1,288,348 | 1,211,047 | 848,264 | 11,027 | 418,061 | 859,291 | 441,231 |
28 | 7,036 | 78,767 | 42,392 | 0 | 13,328 | 3,332 | 13,483 | (5,091) | 67,444 | 1,582,428 | 1,326,998 | 1,247,378 | 889,229 | 11,560 | 413,817 | 900,789 | 486,972 |
29 | 4,416 | 40,791 | 42,392 | 0 | 13,728 | 3,432 | 13,870 | (4,536) | 68,886 | 1,651,314 | 1,366,808 | 1,284,800 | 931,014 | 12,103 | 407,305 | 943,117 | 535,812 |
30 | 1,602 | 0 | 42,392 | 0 | 14,139 | 3,535 | 14,268 | (3,935) | 70,399 | 1,721,713 | 1,407,812 | 1,323,343 | 973,634 | 12,657 | 398,370 | 986,291 | 587,921 |