New Jersey Home Buyer Tool
Buy vs. Rent Calculator
Is buying a home or continuing to rent the better fit for you? Enter your own numbers below to compare the potential costs of buying versus renting over time.
Calculator results are estimates for general informational purposes only. Actual costs may vary based on mortgage terms, interest rates, property taxes, insurance, maintenance, rent changes and other factors. Consult appropriate licensed mortgage, financial, tax or other professionals regarding your individual situation.
Understanding the Comparison
What Can Affect Your Buy vs. Rent Results?
A buy-versus-rent comparison depends on more than a monthly mortgage payment and monthly rent. Several assumptions can significantly affect the estimated long-term difference between the two options.
Home Price & Down Payment
The purchase price and amount you put down can affect your estimated mortgage payment, financing costs and the amount of cash needed to purchase a home.
Current Rent
Your current monthly rent provides the starting point for comparing the cost of continuing to rent with the estimated costs associated with homeownership.
Length of Time in the Home
How long you expect to remain in a home can materially change the comparison because certain purchasing and selling costs are generally spread over a longer period of ownership.
Ongoing Ownership Costs
Property taxes, homeowners insurance, maintenance, financing costs and other expenses should be considered when comparing the potential cost of owning a home with renting.
Keep in mind: a calculator can help you compare scenarios, but it cannot determine whether buying or renting is the right decision for you. Your finances, plans, housing needs and local market conditions should all be considered before making a decision.
Your Next Step
Ready to Explore Buying a Home?
Browse live MLS listings or explore our home buyer guide for practical information about preparing, searching, making an offer, and navigating the buying process.
Your Next Move Starts Here
Ready to Make Your Move?
Whether you are buying, selling, upgrading or downsizing, The Egri Team provides local expertise, honest guidance and a personalized strategy designed around your goals.
