Rent vs. Buy Calculator

Tired of paying rent? Becoming a homeowner has many benefits, including knowing your scheduled monthly payments, building your equity, and a tax deduction* on the interest you pay. Owning a home also comes with additional financial responsibilities like paying taxes and insurance. But those are commonly included in your monthly payment. Use this calculator to see if becoming a homeowner can fit your budget. Then contact a NOVA Loan Officer to learn about the types of loans that best match your financial situation.

*NOVA does not provide tax advice. Contact your tax professional to discuss tax benefits.

Rent or Buy?

Buy

Buying could save you

This is based upon the values you provided and planning to reside in the purchased home for year(s).

Rent

Renting could save you

This is based upon the values you provided and planning to reside in the rented home for year(s).


Your Results

  • Cost of Renting
  • Gross Cost of Buying
    • Principal + Interest
    • Property Taxes
    • Homeowners Insurance
    • PMI
    • Down Payment
    • Closing Costs
  • Cost of Buying
    • Home Appreciation
    • Principal Paid
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Results are based solely on the information you have provided; product may not be available for all terms entered. These calculations are provided for illustrative purposes only. If mortgage insurance payment is listed, illustrative payment is based upon a conforming fixed loan for owner occupied, 1 unit dwelling for a borrower with a credit score greater than 760. This is not a credit decision or a commitment to lend. Please contact an experienced loan consultant at for more accurate and detailed information.

A scenario cannot be generated based upon the information provided.

Try one of these and recalculate:

  • Lowering your purchase price
  • Increasing your down payment
  • Changing the loan term

Still not seeing any values? Please contact an experienced loan consultant at to find an option that fits your unique situation.

GET STARTED TODAY!

First-time homebuyer? Need down payment assistance? We’ll help you get it done.

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