Calculators

Should I rent or buy in Utah?

Compare what renting and buying would cost you over the years you plan to stay. Every assumption is yours to set — nothing here is a quote.

$1,800
$450,000
$45,000
6.5%
7 yr

—

—

Breakeven: —

Total rent over your stay: —

Net cost of owning: —

Talk it through with us

Estimate only, based entirely on figures and assumptions you entered — including a test rate and an appreciation guess that are not rates, predictions, or offers from EMK Mortgages. The model assumes a 30-year fixed loan, roughly 3% buying closing costs and 6% selling costs, and leaves out items like renter's insurance, HOA dues, mortgage insurance, and tax effects. It is not financial advice, a pre-qualification, or a commitment to lend. For guidance on your actual situation, talk with Emily and Leif.

How this works

What the comparison counts

Renting is straightforward: your rent, rising by the annual increase you set, added up over the years you plan to stay. Owning counts your down payment, roughly 3% in buying closing costs, the monthly principal and interest on a 30-year fixed loan at your test rate, and the yearly ownership costs you entered — then gives credit for the equity you could walk away with if you sold at the end (your home's value at your assumed appreciation, minus the remaining loan and about 6% in selling costs). The breakeven year is where owning's net cost first dips below renting. Short stays usually favor renting; long stays usually favor owning — your numbers decide where the line crosses.

Is it better to rent or buy a home?
It depends on how long you plan to stay, what rent and home prices look like where you live, and the rate and costs you would actually pay. Renting usually wins over short stays because buying and selling carry one-time costs; owning tends to pull ahead the longer you stay, as you build equity. This calculator compares the two over your own time horizon.
What costs does this rent vs. buy comparison include?
On the renting side: your rent, growing by the annual increase you set. On the owning side: your down payment, an assumed ~3% in buying closing costs, principal and interest on a 30-year fixed loan at the rate you enter, and the annual ownership costs you set (taxes, insurance, upkeep) — offset by the equity you would take out if you sold, after ~6% selling costs. It leaves out things like renter’s insurance, HOA dues, and tax effects.
What is the breakeven point when buying a home?
The breakeven point is the year when the net cost of owning — everything you have paid, minus the equity you could walk away with — drops below what you would have spent renting over the same period. Stay past the breakeven year and buying comes out ahead in this comparison.

If buying wins your math, here is what the path looks like: buying a home in Utah — and the first-time buyer programs that can lower the barriers for those who qualify.

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Weighing rent vs. buy for real?

We will walk your actual numbers — rent, savings, and programs you qualify for — and give you an honest read.

Talk to Emily & Leif