Rent vs Buy Calculator — Indianapolis, IN
This page starts with localized assumptions for Indianapolis so you can run quick scenarios. Replace the defaults with your real numbers (rent comps, tax/insurance estimates, repairs, and reserves) to get an accurate result.
Inputs
Results
Renting is cheaper (monthly).
- Mortgage: $1,505
- Property tax: $254
- Insurance: $140
- HOA: $0
- Maintenance: $242
- Down payment: $58,000
Tip: This compares *monthly cash cost* only. For a full model (equity, appreciation, tax effects), add a “5-year horizon” later.
How to Use This Rent vs Buy Calculator (Mini Guide)
Use this as a fast monthly cash-cost comparison. It’s a great first pass, then you can validate with longer-horizon factors like equity, appreciation, and opportunity cost. These defaults are pre-filled for Indianapolis, IN. Always replace them with your real numbers when you have them.
What this calculator compares
It compares your estimated monthly cash cost of buying (mortgage + taxes + insurance + HOA + maintenance) against your monthly rent.
Think of it as a “monthly reality check” — not a full wealth-building model.
Who this is for
First-time buyers deciding if ownership fits their monthly budget.
Renters comparing true ownership costs (especially taxes/insurance/HOA).
Anyone relocating who wants a quick, realistic monthly estimate.
How to enter inputs (fast + correctly)
Rent: use the rent you’d pay for a truly comparable home/location.
Interest rate: use a rate you can actually qualify for today (not a hopeful future rate).
Taxes + insurance: don’t guess if you can avoid it — these two swing outcomes the most.
Maintenance: 1%/year is a common baseline; older homes often need more.
Quick example (sanity check)
If buying shows cheaper than renting, re-check taxes/insurance/maintenance first — most “buy wins” results come from underestimating those.
If buying is higher, it doesn’t mean renting always wins — it may still be worth it if you’ll stay long enough and value stability/control.
Next steps after you run it
If you might move within ~3 years, be extra cautious — transaction costs can overwhelm benefits.
Get a real insurance quote and confirm local tax rate for a much more accurate comparison.
How to use this calculator in Indianapolis
Start with the pre-filled assumptions for Indianapolis, then replace them with your deal’s numbers. If you’re an investor, keep vacancy and reserves conservative. If you’re a homeowner, pay special attention to property taxes and insurance — these often drive the rent vs buy decision.
Nearby cities in IN
Explore nearby cities to compare assumptions and outcomes.