Bank of America | Online Mortgage Center | Calculators | Calculator List

Calculator: Am I better off renting or owning?

Prequalify to buy a home. 1 Prequalify to buy a home! Link opens a pop-up browser window.
Prequalify to refinance. 1 Prequalify to refinance! Link opens a pop-up browser window.

Apply Online for Home Equity. 1 Apply Online for Home Equity! Link opens a pop-up browser window.

My Information

Rent Details
Monthly rent
$
Monthly renter's insurance
$
Yearly rent increase
%

Loan Details
Loan amount
$
View Glossary Term: 'Term (years)' in a new browser window.Term (years)
View Glossary Term: 'Interest rate' in a new browser window.Interest rate
%
View Glossary Term: 'Origination Charge' in a new browser window.Origination Charge
$
View Glossary Term: 'Charge For Specific Interest Rate' in a new browser window.Charge For Specific Interest Rate
%

Home Details
Purchase price
$
View Glossary Term: 'Other settlement services' in a new browser window.Other settlement services
$
View Glossary Term: 'Appreciation rate' in a new browser window.Appreciation rate
%
Yearly maintenance
$
View Glossary Term: 'Yearly property tax' in a new browser window.Yearly property tax
$
View Glossary Term: 'Yearly property insurance' in a new browser window.Yearly property insurance
$
How long to live in the new home
View Glossary Term: 'Selling costs (% of selling price)' in a new browser window.Selling costs (% of selling price)
%

View Glossary Term: 'Your savings rate' in a new browser window.Your savings rate
%
View Glossary Term: 'Your state + federal tax rate' in a new browser window.Your state + federal tax rate
%
Learn more about this calculator ››

The calculators are provided by one or more third party service providers. The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

On calculators which require you to select an anticipated investment return, consideration should be given to factors affecting your potential return such as investment objectives, risk tolerance, and the time horizon for the investment. Remember, past performance is no guarantee of future results.


The Bank of America Mortgage Center is a Bank of America controlled web site. Bank of America does not endorse or approve facts, material or information contained outside the Mortgage Center or on any third party web site. Any opinions or recommendations expressed on any third party web site are solely those of the independent providers and are not the opinions, recommendations or necessarily the views of Bank of America.

1To prequalify you, we access your credit bureau report. Please note, Bank of America does not sell or otherwise share any Customer Information with marketers outside of Bank of America who may want to offer you their own products and services. For more information please see the Bank of America Privacy Policy for Consumers.
Bank of America Home Loans Logo