Explore renting versus buying, then consider the cost of ownership and how long you expect to stay. Buying is not the best choice for every situation.
The Monthly Payment input is used to estimate a mortgage amount. The home-value and investment projections use the selected loan term and the inflation, investment-return and tax assumptions you enter. This tool does not separately model your rent or a shorter stay in the home, so it is not a complete comparison of the cost of renting and buying.
Projected home value, investment returns and tax savings are estimates, not guaranteed outcomes. Review maintenance, upfront costs and the time you expect to stay separately. To explore your purchase budget, use our mortgage affordability calculator, then discuss the results with WOMC.
The ownership budget includes the mortgage, property taxes and homeowners insurance, plus maintenance and repairs. Credit, the down payment and the available interest rate also matter.
Time in the home affects the comparison because a purchase involves closing costs, origination fees and appraisal costs. Renting can offer more flexibility when you expect to move.
Replacing an appliance or calling a plumber can add costs beyond the monthly mortgage payment. Consider those responsibilities when comparing renting with buying.
Look at whether the full cost fits your finances and whether the timing fits your plans. The calculator is only a starting point for that decision.
Explore Ohio first-time buyer options and the upfront costs of an Ohio purchase as you work through the budget.
Review local taxes, insurance and real closing-cost assumptions with a mortgage professional.
Western Ohio Mortgage Corporation, Company NMLS #9601. Talk with a loan officer about your estimate or call 800-736-8485.