For renters
Rent vs. Buy
If you're paying rent every month, the real question isn't whether buying is cheaper — it's what you get back. Put your rent next to an owner's payment and see the difference.
Renting
$1,600/mo
Over 5 years at 3% increases you'd pay about $101,935 — and keep none of it.
Owning
$2,512/mo
About $16,691 of that goes to paying down the loan over 5 years, plus any change in the home's value.
Owning would cost about $912 more per month than your rent right now.
- Principal & interest
- $1,651
- Property taxes (estimated)
- $395
- Homeowners insurance
- $117
- Mortgage insurance (PMI)
- $120
- Repairs & upkeep set-aside
- $229
Please read
Estimates only — not a quote, appraisal, or investment advice. Home values can fall as well as rise, and the growth rate you enter is an assumption, not a forecast. Taxes are estimated using roughly 34.5 total mills in Waterford Township on a taxable value of half the purchase price; your actual bill depends on your school district and exemptions. This comparison leaves out closing costs, tax deductions, moving costs, and what you might earn investing the down payment instead. Talk to a lender and a tax professional before deciding.
Want real numbers instead of estimates?
Send me the address or the price range you're considering and I'll get you the actual figures — the real tax bill, a lender quote, and what similar homes are selling for.