The Calculator

Enter Your Monthly Rent

Your current monthly rent payment
Enter 0 if you're not sure yet
Estimated rate, current avg ~7%

This calculator provides estimates for informational purposes only. Results are not a commitment to lend. Contact a licensed mortgage professional for accurate figures. Loan products and rates subject to change.

Ready to Stop Running Estimates and Get a Real Number?

We can tell you exactly what you'd qualify for based on your credit, income, and the specific loan program that fits your situation.

Rent vs. Own: What the Number Doesn't Show

The calculator gives you a purchase price. It doesn't show you what happens to the money you're paying either way. That's where the real difference lives. Every mortgage payment reduces your principal balance. A portion goes to interest, yes, but the rest builds equity you actually own. Rent doesn't do that. A rent check is gone the moment it's cashed.

The one to watch

Your mortgage payment is fixed. Your rent isn't.

A 30-year fixed rate stays fixed. Your landlord's rent can increase every year. The national average rent increase has outpaced inflation in most years since 2012. If your rent goes up $150 next year and $150 the year after, the gap between renting and owning closes fast, even before you factor in equity and tax advantages.

Florida has tax advantages that make ownership more favorable here than in most other states. There's no state income tax, which keeps more money in your pocket to begin with. The mortgage interest deduction can further reduce your federal tax bill, particularly in the early years when interest makes up a larger portion of each payment. When you factor those in, the monthly cost gap between renting and owning often closes faster than people expect. If you want to understand how the home buying process works in Florida, start there.

The break-even point in Florida markets typically falls somewhere between three and five years. That's how long you generally need to stay in a home for the total cost of ownership to come out ahead of renting the same type of property. If you're planning to stay put for more than a few years, the math almost always tilts toward buying. Check out our Mortgage 101 guide if you want a full breakdown of how loans work before you apply.

Three Inputs That Move Your Home Price

Every field in this calculator changes the result. Here's what each one does.

Monthly Rent: your starting point
Your current rent is the payment the calculator uses to calculate a comparable mortgage payment. A higher rent generally means a higher home price range, because you're already accustomed to that monthly outlay. If your rent covers taxes and HOA that a mortgage would also need to cover, those are factored in when the calculator estimates your purchasing range. The result shows you the home price your payment could support, not a guaranteed approval amount.
Down Payment Saved: the bridge to ownership
Your down payment is added directly to the loan amount the calculator derives from your monthly payment. A larger down payment means a larger home price range without increasing your monthly cost. If you have $20,000 saved and your monthly payment supports a $220,000 loan, you can look at $240,000 homes. Florida also has down payment assistance programs that can provide additional funds to qualifying buyers, which can bridge the gap if you're close but not quite there yet.
Interest Rate: the multiplier on every dollar
A lower rate allows a larger loan for the same monthly payment. At 6%, a $1,500 principal and interest payment supports about a $250,000 loan. At 7.5%, that same $1,500 supports closer to $215,000. That's a $35,000 difference in purchase price from a 1.5% rate change. The rate you'll actually get depends on your credit score, down payment, loan program, and market pricing on the day you lock. The number in this calculator is an estimate for planning.

Ready to find out if you actually qualify? Start your pre-approval and Jordan will tell you exactly where you stand, including which loan program fits your situation best.

Rent vs. Mortgage Calculator FAQ

Common questions about how this calculator works and what the next step looks like.

How does this calculator convert my rent into a home price?
The calculator works backward from your monthly rent payment. It subtracts estimated taxes and insurance, uses the remaining balance as your principal and interest payment, and applies standard mortgage math to calculate the loan balance that payment would support at the rate you entered. Add your down payment and you get the estimated home price range.
What if I have no down payment saved?
Enter zero and the calculator will show you what you can reach with just your monthly payment, assuming $0 down. VA loans and USDA loans offer $0 down for qualifying buyers. FHA requires 3.5% down, and conventional requires as little as 3%. If you're a veteran or the home is in a qualifying rural area, $0 down may be a realistic option. We can tell you in about five minutes if you qualify.
Are these home prices realistic for Florida?
The price ranges are based on pure math. Whether they match what's available in your target market depends on that area. A $1,800 rent check might support a $240,000 loan, which is enough for certain Florida markets but not others. Pair the calculator with a quick search of active listings in your zip code to see how the math lines up with reality.
Does this calculator include taxes and insurance?
Yes. The calculator factors in an estimate for property taxes and homeowner insurance when converting your rent to a purchase price. The result is a principal and interest payment that leaves room for those costs. Actual tax and insurance amounts vary by county and property, so your real monthly payment may be slightly different.
What credit score do I need to qualify?
FHA loans allow scores as low as 580 with 3.5% down, and some lenders go as low as 500 with 10% down. Conventional loans typically require 620 or higher. VA loans have no minimum score set by the VA itself, though most lenders want at least 580 to 620. If your score needs work, We can tell you exactly what to move before you apply.
Can my rent history help me qualify for a mortgage?
Yes, in some cases. Fannie Mae's Positive Rent Payment program allows lenders to pull 12 months of on-time rent payments from your bank statements and count them as a positive factor in the underwriting file. This can help borrowers with thin credit files who have been responsible renters. Ask Jordan whether your rental history is eligible when you apply.
What is a VA or USDA zero down loan?
VA loans are available to eligible veterans, active-duty service members, and surviving spouses. They require no down payment and no private mortgage insurance. USDA loans are available for properties in eligible rural and suburban areas of Florida and also require no down payment. Both programs have income and eligibility requirements. We can confirm whether you qualify on a quick call.
How fast can I get pre-approved?
Most pre-approvals at 14 Days To Close are completed in less than 24 hours once you submit your documents. The application itself takes about 10 minutes. You'll need two years of tax returns, recent pay stubs, two months of bank statements, and a photo ID. Jordan reviews your file personally and tells you exactly where you stand, including which loan program fits best.

The Only Way to Know for Sure Is to Apply.

A pre-approval takes a few minutes. You'll have a real number, not a calculator estimate.

Start My Pre-Approval Book a Free Call Call Now
Jordan Vreeland, Licensed Mortgage Broker