Rent vs buy calculator

Over this period, buying looks cheaper.

The property tax and insurance default comes from this site's property tax tool: City of Miami's combined millage of 20.5 mills is 2.05% of value a year for tax alone, and Florida condo insurance usually adds most of a percent on top. Adjust it for the building you are actually looking at.

A simplified model using your assumptions. Buying is charged the down payment, the mortgage payments that are actually due (a 30-year loan stops after its 360th payment, whatever your horizon), property tax and insurance, and the cost of selling later. It is credited the home's projected value less the remaining loan balance. Renting is charged the rent and credited the return on the down payment it never had to spend, because that capital is the renter's real advantage. It ignores income-tax effects, purchase closing costs, maintenance, and the month-to-month difference between the rent and the payment. Use it to frame the decision, then talk to us.