For some people, buying their home makes the most sense, and for others, renting is best. To determine which is right for you, you first need to determine whether you can afford to buy.

Then you need to consider other factors, including the time you’ll stay in your new home, the home’s prospects for appreciation and taxes.

Use this Rent vs. Buy Calculator for a quick comparison of the parameters of owning versus renting a home so you can better decide which option would be more cost-effective for your financial needs.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.

We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.