Rent vs. Buy

Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to make a good financial decision.

If Buying
Purchase Price of Home:	$
Downpayment:	$
Amortization Period:	years
Interest Rate:	%
CMHC Rate:	%
Buying Closing Cost:	$
Monthly Maintenance/Condo Fees:	$
Annual Property Taxes:	$
Annual Homeowners Insurance:	$
Home Appreciation Rate:	%
Years Before Selling:	years
Selling Costs (As percentage of price):	%
Inflation Rate:	%

If Renting
Monthly Rent:	$
Monthly Content Insurance:	$
Annual Rent Increase (by percentage):	%

Interest is compounded semi-annually not in advance. The Interest rate is fixed for the term of the mortgage. The interest rate is usually renegotiated at the end of the term of the mortgage.

In this calculation, "Inflation Rate" applies on property tax, maintenance fee, condo fee and CMHC (mortgage insurance) which adds up to mortgage amount. Closing Cost may include Land Transfer Tax (property tax) and lawyer costs. TMI stands for Tax, Maintenance and Insurance.

This calculator is for demonstration purposes only. Always consult a professional financial advisor before making personal financial decisions.

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