Refinancing at a longer repayment term may lower your mortgage payment, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your mortgage payment, but may lower the total interest paid over the life of the loan. Contact us to discuss the option that best meets your needs.
Rent vs. Buy Calculator
Should I rent or buy a house?
Will You Save More by Renting or Buying Your Home?
This calculator helps you get a general estimate. For a more personalized experience for your specific budget, try our Home Insight© Planner.
You’ll enter your information in the fields:
- Renting: Enter your monthly rent, renter’s insurance cost, and a percentage for yearly rent increase.
- Home Purchase: Enter your purchase price, down payment, yearly property tax, homeowner’s insurance and yearly maintenance cost.
- Loan Info: Enter your term, interest rate, origination charge, discount points and other settlement services cost.
- Other Assumptions: Enter your appreciation or depreciation rate, how many years you expect to live in the home, the percentage of selling price that will go to selling costs, state and federal tax rates, and your yearly savings interest rate.
You can use your current information if you rent or pay a mortgage – or an estimate based on rent and home prices in your area.
Based on your information, the calculator will tell you how much you’ll save and by which method.
If it’s cheaper to rent, it’ll say “You will save (dollar amount) by renting instead of buying.” If it’s cheaper to buy, it’ll say “You will save (dollar amount) by buying instead of renting.”
When you rent a home, you pay monthly rent to a landlord or property management company. They own the home – they may still be paying a mortgage or they may own it outright – and they’re responsible for maintenance. Depending on your rent, you could save money by not needing a down payment, not paying property tax and homeowner’s insurance, and not needing to pay for maintenance.
When you buy a home, you pay a mortgage to own it – and you’re responsible for property tax, homeowner’s insurance and maintenance. Depending on your mortgage payments, you could save money by making a consistent, lower payment over the term of your mortgage.
Other Calculators You Might Be Interested In
Try the Home Insight® Planner
Set your budget. Search for homes. Save your favorites.
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Prepare your Finances & Get Pre-Approved
More Mortgage Resources
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One of the biggest questions we see from homebuyers is how much do I need for a down payment to buy a house?
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What Are Closing Costs and How Are They Calculated?
When you’re buying or selling a home, budgeting for closing costs is critical.
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Is Now the Right Time for a Loan?
It may surprise you, but timing plays an important role in the loan approval process. Learn why you may want to time your application so a lender can see you’re already a customer.
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Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions.
PNC, PNC HomeHQ, PNC Home Insight and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has a pending patent application directed at various features and functions of Home Insight® and Home Insight® Planner. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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