Rent vs. Buy Calculator for Durango
Is it better to keep renting or to buy a home in Durango? Compare the real cost of each over the years you plan to stay.
Should I rent or buy?
Compare what you’d spend renting with the real cost of owning over the years you plan to stay, after the equity you’d build.
These are estimates from the numbers you enter, not a loan offer or a rate quote. Your actual rate, payment and costs depend on your credit, the loan program and the property.
Renting vs. Buying in Durango
Rent is easy to add up. Owning has more moving parts: the down payment, closing costs, your payment, taxes, insurance and upkeep on one side, and the equity you build on the other. How long you stay usually matters most, because buying and selling both cost money.
What the calculator counts
- Rent, with yearly increases if you add them
- Down payment and closing costs to buy
- Principal and interest, property taxes, insurance, HOA dues and upkeep
- Equity when you sell: the home’s value minus the loan balance and selling costs
What it leaves out
- Possible tax deductions for mortgage interest and property taxes
- What your down payment could earn if you invested it instead
- Big surprise repairs, and changes in your plans
Ready to see what you could buy? Try the affordability calculator or find the loan that fits.
Rent vs. Buy Questions
How long do I need to stay for buying to make sense?
It depends on prices, rent and costs, but buying usually needs several years to cover the cost of buying and selling. Try different numbers for the years you plan to stay to find your break-even point.
What should I enter for home value change?
Nobody knows future prices. Try a few numbers, including zero, to see how much the answer depends on it.
Does the calculator include tax benefits?
No. Mortgage interest and property taxes may be deductible for some people. A tax professional can tell you whether that applies to you.
Can I buy without a large down payment?
Several loan programs are designed for buyers who haven’t saved a large down payment. Take the which-loan-fits quiz or ask Peter what fits your situation.