Compare Renting and Buying Side by Side
Use this calculator to compare estimated monthly renting costs with estimated monthly homeownership costs. It is designed to help Illinois buyers think through the tradeoffs between continuing to rent and purchasing a home.
- Compare Monthly Costs
- Estimate Homeownership Budget
- Review Down Payment Impact
- Plan Your Next Step
Enter Your Rent and Buy Estimates
Your Comparison
Estimated monthly difference between renting and buying
Want help comparing this estimate with real loan options, affordability, and next steps?
The decision is bigger than one monthly number
Monthly payment matters
A side-by-side payment estimate can help you see whether buying may fit your current budget more closely than you expected.
Timeline matters too
Whether buying makes sense often depends on how long you expect to stay in the home, your savings, and your overall financial goals.
Preparation matters most
The best next step is usually to compare this estimate with actual loan options, down payment strategy, and affordability.
Rent vs. buy calculator FAQs
Does buying always cost less than renting?
No. The answer depends on home price, down payment, taxes, insurance, mortgage insurance, HOA dues, interest rate, and how long you plan to stay.
Does this calculator prove I should buy now?
No. This tool is meant for planning and comparison only. The right move depends on your finances, goals, timing, and loan qualification.
What costs of homeownership are included here?
This estimate can include principal, interest, property taxes, homeowners insurance, HOA dues, and PMI or mortgage insurance if entered.
What should I do after using this calculator?
A smart next step is to compare this estimate with your affordability, loan options, and pre-approval path before deciding whether to keep renting or move toward buying.
AVIAR Home Loans LLC. Calculator results are estimates for informational purposes only and do not constitute a loan approval, commitment to lend, or guarantee of terms. Loan options are subject to borrower qualification, underwriting approval, appraisal where applicable, and program availability.