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.
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.
Frequently asked questions
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.
Ready to see what you can buy?
Convert My Rent to Mortgage →