Rent vs. Buy Calculator for Salt Lake City Condos

Is it better to keep renting or buy a condo? The answer depends on how long you stay. Buying has up-front costs and selling costs, so it usually takes a few years to come out ahead. This calculator compares your estimated net worth each year if you buy versus if you rent and invest the difference, including HOA dues, PMI, maintenance, and the costs of buying and selling.

Home price ($)

Down payment (%)

Interest rate (%)

Loan term (years)

HOA dues ($ per month)

Monthly rent ($)

How many years do you plan to stay?

Advanced assumptions

Property tax (% of value per year)

Homeowners insurance ($ per year)

Maintenance (% of value per year)

PMI (% of loan per year, if under 20% down)

Closing costs to buy (% of price)

Costs to sell (% of sale price)

Home value growth (% per year)

Rent increase (% per year)

Renter's insurance ($ per month)

HOA and insurance increase (% per year)

Investment return (% per year)

Net worth if you buy: home value, minus the loan balance and selling costs, plus anything you invested. Net worth if you rent: the down payment and closing costs you didn't spend, invested, plus monthly savings invested. Whichever option costs less each month invests the difference.

Default values are examples only. This is an estimate, not a loan offer or financial or tax advice. It doesn't include income taxes (such as the mortgage interest deduction) or taxes on investment gains. Home values, rents, and investment returns can go up or down.

How to Read the Results

The break-even year is the key number. If you expect to stay longer than that, buying likely makes more financial sense at these assumptions; if you might move sooner, renting may be the better choice. Try changing the rent, HOA dues, and how long you plan to stay, since those usually move the answer the most.

For condos, HOA dues matter as much as the interest rate. A low due isn’t always good news if the HOA is underfunded, so see the Condo Buyer’s Guide before you rely on a number. To estimate just the monthly payment, use the mortgage calculator, and see loan programs and the Zions eligibility map for low-down-payment options.

Talk through your numbers with John

John Taylor, REALTOR® | In Depth Realty | 801-918-5798 | Hablo español