Find out if homeownership may be in your near future.

Not sure if it would be smarter for you to keep renting or to buy a home? This calculator will help you get a clearer picture of what housing situation currently makes the most financial sense for you.

Paying monthly rent can be frustrating — it never feels good to pay someone else’s mortgage and fund their investment. Sometimes, though, renting is just the most realistic option as you work toward building a nest egg or landing on more stable financial ground.

When interest rates are low, though, and your monthly rent payments seem to keep increasing, it’s worth considering if the cost of renting may be greater than owning a home. Sure, there are extra costs when you buy a home — property taxes, closing costs, homeowners insurance, and other fees. However, there are some positives to consider, like the annual appreciation rate, long-term capital gains, tax deductions, and if you’re really paying less over the life of your loan.

Comparing renting and buying feels difficult at first glance. After all, you know what your current monthly rent payment is, but you’re having a tough time imagining what your monthly costs will be when you buy a $250,000 house. That’s where interactive calculators can help — especially our rent vs buy calculator. You can play with different scenarios to see how the financial side of things could potentially work out. Enter varying rent and purchase assumptions to see how payments change and learn what you can actually afford.

This rent vs buy calculator may help you analyze your financial needs, but the calculations do not infer any fiduciary duties. The Embrace Home Loans mortgage calculator is just meant to be a helpful tool and calculations should not be construed as financial, legal, or tax advice. We cannot guarantee its accuracy and rates may change.