Deciding between renting and buying a home is a big decision, and understanding the financial implications is crucial. Simply Approved Mortgages’ Rent vs. Buy Calculator helps you compare the costs of renting and owning, so you can make the right choice for your lifestyle and financial goals.
A Rent vs. Buy Calculator helps you evaluate the long-term costs and benefits of renting versus buying a home. It considers factors like:
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
Follow these simple steps to get a personalized comparison:
Enter Monthly Rent and Annual Increases
Input Home Purchase Details
Add Ownership Costs
Include Opportunity Costs
Review Results
At Simply Approved Mortgages, we operate with a 1.5% fee, significantly below the industry standard. This ensures more savings for borrowers without compromising service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
For buyers with limited savings, down payment assistance programs can make homeownership possible. Explore options like:
Learn more about these programs in our Down Payment Assistance Guide.
At Simply Approved Mortgages, we offer a wide range of mortgage products tailored to meet your needs:
👉 Explore these options today and find the perfect mortgage solution for your needs!
With our industry-leading 1.5% fee, compared to the standard 2.75%, we save you thousands while offering competitive rates tailored to your needs. Learn More.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
You can also get help from a Home Loan Expert.
It compares total costs for both scenarios, including rent, homeownership expenses, and potential equity growth.
The breakeven point is the time it takes for the cost of buying to equal the cost of renting, typically 3–5 years.
Yes, homeowners should budget for maintenance, repairs, and property taxes, which are not part of renting.
Buying usually builds wealth through equity and property appreciation, but this depends on market conditions and how long you own the home.
No, this tool is designed for primary residences. For investment properties, consult with our experts.
Stop wondering whether renting or buying is the right choice for you. Use our Rent vs. Buy Calculator today and take the first step toward making a smart financial decision.
Get Started:
Simply input your details and see how much equity you could access today. If you have questions or need assistance, our team is here to guide you every step of the way.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Reduce your monthly payment or loan term while unlocking the full potential of your home’s equity!
Unlocking the American Dream, One Home at a Time
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