The Toonie | Tools
Should I Buy Or Rent A Home?
Buying vs renting is a big decision. Let us help you understand what it means for your finances now and in the future.
First, let's get some numbers for your two options. We've started you off with some estimates:
Buying a HomeBuying a $500k home with 20% down and not selling it
If you want to get specific...
Looking ahead...
Renting a HomeRenting at $2500/month
If you want to get specific...
Looking ahead...
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If you buy
If you rent
Whether you rent or buy, you'll have to spend some money each year, but at the same time you'll make money - either with your investments or with your house value growing and slowly paying it off. Here's how that looks each year:
Each year you'll earn some money and spend some money, but how does that add up over the years? And how do your options compare?
$342K
Buying Net Worth After 25 Years (Approx)
-$406K
Renting Net Worth After 25 Years (Approx)
$342K
Buying Net Worth After 25 Years (Approx)
-$406K
Renting Net Worth After 25 Years (Approx)
TLDR:
Buying a Home
Renting a Home
This calculator provides a simplified comparison and doesn't account for all possible scenarios. Market conditions, lifestyle preferences, and personal circumstances should also factor into your decision.
