The True Cost of Renting vs. Owning
Renting
Monthly Rent
Monthly Renter's Insurance
Owning
Home Price
Down Payment
0
3.%
3.5%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
Loan Term
40
30
25
20
15
10
5
Annual R.E. Taxes
0
.50%
.75%
1.0%
1.25%
1.50%
1.75%
2.00%
2.25%
2.50%
Homeowner's Insurance
0
.50
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25
5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25
7.50
7.75
8.00
Annual Maintenance
0
.25
.50%
.75%
1.0%
1.25%
1.50%
1.75%
2.00%
Monthly MI/PMI Factor
0
.01
.25
.30
.35
.40
.45
.50
.55
.60
.65
.70
.75
.80
.85
.90
.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
1.35
1.40
1.45
1.50
1.55
1.60
1.65
1.70
1.75
1.80
Monthly Condo/Coop/HOA
Loan Amount =
Interest Rate
Total Monthly =
Total Monthly =
Less the following typical benefits of owning
Principal Paid
Tax Savings
@
0
5%
7.5%
10%
12.5%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%
31%
32%
33%
34%
35%
36%
37%
38%
39%
40%
=
Appreciation
@
0
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
=
True Cost =
True Cost =
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