Condo vs Apartment Cost Calculator: 10-Year Comparison
Updated 17 April 2026
No other condo comparison tool includes HOA fees, PMI on sub-20% down, and annual HOA growth in the same model. Enter your numbers and find the year buying starts to win.
How to interpret your results
The calculator shows net cost, not gross spend. Net cost = total money paid minus equity you have built. This is the fairest comparison because buying ties up capital (down payment, mortgage payments) that generates an equity asset, while renting does not.
A negative net cost for buying means you have built more equity than you have paid out -- you are effectively being paid to live there once appreciation is counted. A positive net cost for both sides means you are out-of-pocket either way; the question is which side costs less.
The break-even year is when buying's net cost drops below renting's total spend. Before that year, renting is the financially cheaper option. After it, buying wins.
What this calculator does not model
- Special assessments: unexpected one-time charges from the HOA for major building repairs. These can range from $5,000 to $150,000+. See our HOA fees deep-dive for examples.
- Mortgage tax savings: the mortgage interest deduction (available to itemisers up to $750K loan) and property tax deduction (SALT capped at $10K) reduce the cost of ownership for higher earners who itemise. See /costs for the tax section.
- Opportunity cost on the down payment: money tied up in a down payment could alternatively be invested. At a 7% historical stock market return, a $30K down payment becomes $59K after 10 years. Whether your condo appreciation beats this depends on leverage and local conditions.
- Rate changes: if you refinance to a lower rate, monthly costs drop. If you are on an ARM and rates rise, costs increase.
- Selling costs: resale typically costs 5 to 6% in agent commissions plus transfer taxes. A sale before the break-even year can mean realising a loss.
Default assumptions
| Input | Default | Source / rationale |
|---|---|---|
| Condo price | $300,000 | Approximate US median condo price 2025 (NAR) |
| Down payment | 10% | Typical first-time buyer range 3-20% |
| Mortgage rate | 6.75% | 30-year fixed, approximate Freddie Mac PMMS Q1 2026 |
| HOA fee | $400/mo | National median for mid-size buildings (NerdWallet 2024) |
| Property tax rate | 1.1% | US average (Lincoln Institute of Land Policy) |
| Monthly rent | $2,000/mo | Approximate US median rent for comparable unit |
| Rent growth | 3.5%/yr | Apartment List 2024 national average |
| Appreciation | 3.5%/yr | Long-run FHFA condo price index average |
| HOA fee growth | 3%/yr | Industry norm; inflation-adjusted HOA budgets |
| Closing costs | 3% | Mid-range estimate; varies 2-5% by state |
| PMI rate | 0.8%/yr | Standard PMI on conventional loan, 10% down |
| HO-6 insurance | 0.4% of price/yr | Industry average for unit-owner policy |