Free Tool

Rent vs Buy Calculator

Wondering whether it makes more sense to rent or buy in the DMV? Compare the long-term financial impact of both options including equity growth, selling costs, and what your down payment could earn if you kept renting.

Buying

Home price

Down payment

Mortgage rate (30-year)

Property tax (per year)

Insurance + HOA (monthly)

Maintenance (per year)

Home value growth (per year)

Buyer closing costs

Selling costs

Renting

Monthly rent

Rent increase (per year)

Return on invested savings

Years you expect to stay

Over 7 years

Renting comes out about $22,966 ahead.

Buying overtakes renting in year 10 with these assumptions.

Net cost of buying: $251,317
Net cost of renting: $228,351
Cash needed to buy (down payment + closing): $71,500
Mortgage payment (principal + interest): $3,129
All-in monthly cost of owning, year 1: $4,295
Monthly rent, year 1: $2,800

Net cost of buying is everything you pay to own, minus what you walk away with after selling and paying off the loan. Net cost of renting is rent paid, minus what your down payment and closing costs would have earned invested. Tax effects are not included. This is an estimate for planning, not financial or tax advice.

Estimate your closing costs