Rent, or buy? See both sides over your time horizon.
This tool compares the estimated total cost of renting versus buying a home over the years you expect to stay. It is prefilled with a $190,000 home price and typical Peoria-area figures: $1,100 monthly rent, 6.5% interest, and a 3% down payment. Every number updates live as you change it, with no button needed. On the buying side, the down payment is an input only, and no closing or upfront costs are added, so the total reflects a realistic entry point.
Results update live as you change any field. No button needed.
Buying is about $9,796 less over 7 years before selling costs.
Renting
What a comparable rental costs you each month.
Rent and renter's insurance, escalated about 4% per year. No down payment, and nothing is built up at the end of the period.
Buying
What this purchase could actually cost you.
Payments, taxes, insurance, and maintenance at 1.5% of the price per year, minus principal paid down and appreciation. Your down payment is an input only and is not added to this total, and no closing costs are included.
After 7 years
Side by sideBefore selling costs such as agent commission, closing, and repairs.
Assumptions behind the numbers
- Rent and renter's insurance are assumed to rise about 4% per year.
- Maintenance is estimated at 1.5% of the home price per year.
- Property taxes and homeowners insurance are held level over the period.
- Actual numbers will differ from these estimates.
A planning estimate, not financial advice
This comparison is a simplified estimate for planning purposes only. It is not a loan quote, an investment analysis, or professional financial or tax advice. Actual costs depend on your rate, tax bill, insurance quote, maintenance needs, rent market, and how the housing market moves. For a custom rent-versus-buy conversation with real Peoria numbers, call or text Teri Shepherd at 309-361-4592 or email terishepherdleads@gmail.com.
Not sure the math tells the whole story?
Teri has guided Peoria buyers and sellers for more than 10 years. She will help you weigh the numbers that matter here: rents, taxes, this home, your timeline, and what matters to you beyond the spreadsheet.
Also useful: the Mortgage Calculator breaks the monthly payment into its parts.