Rent vs Buy Calculator

 For demonstrative purposes only. This is an estimate, and actual results can vary. For financial advice, please consult with a financial professional.

Renting
info The percentage your landlord is likely to raise rent each year. The national average is typically 3-5% per year.
Average national increase is ~3-5%
info Monthly cost of renter's insurance, which covers your personal belongings and liability. Typically $15-$30/month.
Buying
info The percentage of the home price you'll pay upfront. Putting 20% or more down avoids private mortgage insurance (PMI).
20% avoids PMI
info The annual interest rate on your mortgage loan. This depends on your credit score, loan type, and current market conditions. Check with your lender for a personalized rate.
info The annual property tax as a percentage of the home's assessed value. This varies by county. You can look up your county's rate or use the WA state average of ~1.1%.
WA state average is ~1.1%
info Your estimated monthly homeowners insurance premium. This protects your home and belongings against damage, theft, and liability.
info Monthly homeowners association fees, if applicable. These cover shared amenities and community maintenance. Leave at $0 if the property has no HOA.
Leave at $0 if none
info Annual maintenance and repair costs as a percentage of the home's value. The general rule of thumb is 1% per year, but older homes may cost more.
Rule of thumb is 1% of home value
Comparison Period
info The number of years you plan to live in the home. Buying typically becomes more cost-effective the longer you stay, usually after 5-7 years.
info The estimated annual increase in your home's value. The national average is 3-4% per year, but this varies by market. This directly impacts the equity you build over time.
National average is ~3-4%
Results
Total Cost of Renting
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Over your stay
Net Cost of Buying
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Costs minus equity gained

*This calculator is intended to be used for educational purposes only. Actual results are subject to various fluctuations and will depend on a number of factors. The estimates are based on information you provide and may not include all that is needed to perform a perfectly accurate calculation. Coval Homes LLC, does not make loans and this is not a commitment to lend.