Rent vs Own Calculator

Couple that is moving.
Determining whether to continue renting or to purchase a home is one of adulthood’s biggest decisions. This decision often comes down to what makes the most financial sense.

A rent vs own calculator can show you an estimate of your current costs in comparison to monthly costs as a homeowner, including the long-term effects on your budget. Will you ultimately save money over the course of a 30-year mortgage or do you need to save up for a larger down payment first?

As a renter, your monthly housing costs may only include your rent and rental insurance. As a homeowner, however, you must account for your mortgage payment, homeowner's association fees, insurance and interest on your home loan. Other factors include the term of your loan and how much you can afford as a down payment.

If you’ve plugged in your estimated costs and determined that buying a home is the next logical step for your family, SouthState has many first-time homebuyer resources. You can find a mortgage banker in your community to begin the process of choosing a loan that fits your family.  What do I need to know as a first-time homebuyer? Find Homebuyer 101 resources here.

  • This calculator is an illustrative tool meant for educational purposes only. The default figures and examples shown are hypothetical and may not be applicable to your individual situation. Furthermore, these calculations may not reflect the terms available for any loan, investment or other financial product offered by SouthState Bank, N.A. (the “Bank”). The calculations do not infer that the Bank assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.
  • This content is general in nature and provided for informational use only. Content may be used in connection with the advertising and marketing of products and services offered by SouthState Bank, N.A. and its subsidiaries and affiliates. This is not to be considered legal, tax, accounting, financial or investment advice. You should seek individualized advice from personal financial, legal, tax and/or other professionals, as appropriate depending on the specific facts of your situation. We do not make any warranties as to the completeness or accuracy of this information and have no liability for your use of this information.

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