Tool

Rent vs Buy

Compare the real costs over time. Factor in mortgage, taxes, maintenance, opportunity cost, and equity build-up, not just the monthly payment.

Renting Monthly

Current monthly rent ($) Utilities ($/mo) Renter's insurance ($/mo) Annual rent increase (%)

Buying One-Time + Monthly

Property price ($)

Down payment ($)

Rate (%)

Amortization (yrs)

Taxes ($/mo)

Insurance ($/mo)

Condo fees ($/mo)

Utilities ($/mo)

Maintenance reserve (% of home value / yr) Property is in Toronto (include MLTT)

Additional assumptions Optional: home appreciation and investment returns

Expected home appreciation (% / yr)

Expected return on down-payment cash if invested (%)

These feed the equity and opportunity-cost figures in the verdict below. The defaults are reasonable long-run estimates, so only adjust them if you have a different view.

Verdict After 5 Years

At this horizon, buying is

Total rent cost

Total buy cost (net)

Equity built (incl. appreciation)

Opportunity cost of down payment

Monthly Cost Comparison Year 1

Renting total$0

Mortgage (P&I)$0

Taxes + insurance + condo + utilities$0

Maintenance reserve$0

Buying total$0

Buying, Upfront Costs

Down payment$0

Ontario LTT + Toronto MLTT$0

Lawyer / closing$0

CMHC premium (rolled into mortgage)$0

Total cash needed upfront$0

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Estimates only. Actual results depend on interest rates, appreciation, market conditions, taxes, and individual circumstances. Not financial advice.