Buying
Renting
A simplified comparison for education only. You supply all figures; no MortgageQuote.com rate is quoted or implied.
Over your time horizon
How to think about renting vs. buying
Renting keeps you flexible and free of maintenance, taxes, and closing costs — but the money does not build equity. Buying builds equity over time and can be cheaper long-term, but it carries upfront costs (down payment, closing) and ongoing carrying costs (property taxes, insurance, HOA, upkeep). The single biggest factor is usually how long you plan to stay: the longer your horizon, the more buying tends to win, because upfront costs are spread over more years and more of each payment goes to principal.
What this simplified model does
It compares the total of your buying outlays (down payment + payments + carrying costs over your horizon) against total rent over the same period. It deliberately keeps things simple and does not attempt to forecast home appreciation, rent increases, investment returns on your down payment, or tax effects — all of which matter and all of which a licensed originator or financial professional can help you weigh for your situation.
Florida-specific notes
In Florida, remember to factor homeowners and (where applicable) flood and windstorm insurance, plus any CDD or HOA fees for condos and planned communities — these can move the buying side meaningfully in coastal and condo markets.
Guide