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Rent to Mortgage Calculator
Wondering what home you could buy for what you're already paying in rent? Enter your monthly rent, expected rate, and down payment to see the equivalent home price.
Educational calculators — always consult a licensed professional before making financial decisions.
This is the payment you're comfortable making each month.
Use current 30-year fixed rates as a baseline.
Longer term = larger home price but more interest over time.
Lowest monthly payment, which supports the highest home price on your budget. Most buyers start here.
20% avoids PMI; FHA allows 3.5%; conventional minimum is 3–5%.
Equivalent home price (P&I only)
$481,808
Assuming 20% down at 6.75% for 30 years
Remember: Owning costs more than just the mortgage
Property taxes (~1.2%), insurance (~0.5%), and maintenance (~1%) add roughly 2.7% of home value per year. The "Max with Taxes & Insurance" figure above accounts for this.
This converts your rent to equivalent P&I only. Actual qualification depends on your income, credit score, and debt. Consult a licensed mortgage professional.
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What you'll need
- ·Current monthly rent
- ·Expected mortgage interest rate
- ·Preferred loan term
- ·Down payment percentage
What you'll get
- ✓Equivalent home price — P&I only conversion
- ✓Realistic home price — With taxes & insurance
- ✓Required down payment — Based on your percentage
- ✓Loan amount — Home price minus down payment
How it works
Enter current rent
Input your monthly rent payment — this becomes your affordability benchmark.
Add homeownership costs
Include taxes, insurance, HOA, and maintenance (typically 1–2% of value annually).
Find equivalent mortgage
See what home price your rent budget supports at current mortgage rates.
Rent to Equivalent Home Price (at 7%)
| Monthly Rent | Equivalent Mortgage | Approx Home Price | Down Needed (20%) |
|---|---|---|---|
| $1,500 | $1,200 | $181,000 | $36,200 |
| $2,000 | $1,600 | $240,000 | $48,000 |
| $2,500 | $2,000 | $299,000 | $59,800 |
| $3,000 | $2,400 | $359,000 | $71,800 |
Assumes taxes + insurance + maintenance = $300–$400/mo of your rent budget.
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
About this calculator
How do I convert my rent to a mortgage payment?+
To find the equivalent mortgage, use your rent as the maximum monthly P&I payment and back-calculate the loan amount. However, keep in mind that owning also adds property taxes (~1.2%), insurance (~0.5%), and maintenance (~1%) — so your equivalent home price is somewhat lower than the pure math suggests.
Is my rent payment equivalent to a mortgage payment?+
Not directly — mortgage payments include P&I only, while homeownership adds taxes, insurance, and maintenance. A $2,500 mortgage P&I payment is really more like $3,200–$3,500 total housing cost once you add those expenses. Factor this into your comparison.
Can I afford a home if I can already pay the equivalent rent?+
Possibly — but lenders also look at your debt-to-income ratio, credit score, and down payment. Even if your rent equals the mortgage P&I, you'll need to qualify based on income and have 3–20% down plus closing costs saved.
What hidden costs should I add when converting rent to mortgage?+
Beyond P&I, add property taxes (0.8–2.5% of value per year), homeowner's insurance (0.5–1%), HOA fees if applicable, and maintenance (budget 1–2% of home value annually). PMI adds another 0.5–1.5% if your down payment is under 20%. Together these can add $500–$1,000/month on a $400,000 home.
How does interest rate affect the rent-to-mortgage conversion?+
Interest rate dramatically changes the home price your rent payment supports. At 4%, a $2,000/month P&I payment buys about $420,000 in loan. At 7%, that same $2,000/month only supports about $300,000. A 3-point rate increase reduces purchasing power by nearly 30% — which is why rate shopping is critical.
Want to try different numbers?
Back to the calculator ↑Rent to Mortgage Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.