Should You Rent or Buy?
Compare the costs of renting and owning a home to make the best decision for your lifestyle.
Decide If Renting or Buying a Home Is Right for You
Choosing between renting and buying a home is one of the biggest financial decisions you’ll face. The Home Rent vs. Buy Calculator is here to help. By factoring in rent payments, home prices, interest rates, and other key expenses, this tool offers a clear comparison of the long-term and short-term costs of each option.
Whether you’re focused on building equity through homeownership or maintaining the flexibility of renting, the calculator provides clarity to help you make the decision that aligns with your financial goals and lifestyle.
How to Use the Home Rent vs. Buy Calculator
- Enter Your Rent Information: Start by entering your current monthly rent and any expected annual rent increases.
- Provide Home Buying Details: Input the home price, down payment amount, loan term, and mortgage interest rate.
- Add Additional Costs: Include ongoing expenses like property taxes, maintenance costs, and homeowners insurance.
- Include Investment Details: Specify the rate of return you expect on savings if you choose to rent and invest instead of buying.
- Compare Results: View a side-by-side comparison of the total costs of renting versus buying over your selected timeframe.
- Make an Informed Choice: Use the results to decide whether renting or buying better suits your financial situation and personal goals.
Love Where You Bank
Apply for a mortgage with UCCU and ensure low rates, high savings, and convenience from a credit union you will love.
(801) 223-8188 | Branch Locations
Available M–F 8am–6pm, and Sat. 9am–2pm*.
*Saturday hours vary per Branch Location
Why Choose UCCU for Home Financing?
If buying a home feels like the right choice for you, UCCU makes the process simple and rewarding:
- Low Mortgage Rates: Lock in competitive interest rates that save you money over the life of your loan.
- Flexible Loan Options: Choose from a variety of mortgage programs tailored to your needs, including first-time homebuyer options.
- Personalized Support: Work with experienced loan officers who are dedicated to helping you find the best solution.
- Fast Pre-Approval: Get pre-approved quickly so you can shop for your dream home with confidence.
- Local Expertise: As a community-based credit union, UCCU understands the local market and offers solutions that work for you.
- Online Convenience: Use our intuitive tools to calculate payments, apply for loans, and manage your mortgage—all from the comfort of your home.
What is the Home Rent vs. Buy Calculator?
This tool helps you compare the financial implications of renting versus owning a home, factoring in rent payments, home appreciation, and other variables.
What factors does the calculator consider?
It accounts for rent payments, annual rent increases, home price, down payment, mortgage terms, property taxes, maintenance, insurance, and potential savings from investing.
How does it assess long-term costs?
The calculator projects the total cost of renting and buying over a timeframe you choose, showing how the two options compare in the long run.
How does it assess long-term costs?
Not necessarily. Renting offers flexibility and lower upfront costs, while buying can help build equity and provide stability. The best option depends on your financial situation, goals, and lifestyle.
How do I get the most out of this calculator?
Input accurate information about your current rent and potential home purchase. Experiment with different scenarios and timeframes to explore how your decision may evolve over time.
Ready to Take the Next Step?
When you are ready to apply for a mortgage UCCU is ready to help you make homeownership a reality. If you have any questions about a mortgage you can talk with one of our mortgage loan officers.