FSB Mortgage
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Compare the Cost of Renting vs. Buying
Enter your current rent and home purchase details to see your estimated mortgage payment, break-even point, and 10-year cost comparison.
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20% of home price %
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Automatically calculated at 0.64% of purchase price per year, divided by 12$
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Automatically calculated at 1.5% of home value per year, divided by 12$
Automatically calculated at 0.98% of loan amount per year when down payment is less than 20%$
Automatically calculated at 4% of the purchase price %
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Estimated mortgage payment
Cost Comparison
Monthly mortgage (P&I) -
Total monthly cost to own -
Current monthly rent -
Break-even point -
10-yr net cost to own -
10-yr cost to rent -
Ready to take the next step?
Connect with a local FSB lender to review your options and get pre-approved.1
Calculator disclaimer: This calculator provides estimates only and is not a guarantee of rates, terms, or costs. Results are based on the inputs you provide and general assumptions including home appreciation and rent increases. Actual mortgage payments, taxes, insurance, appreciation, and total costs will vary. View full disclosures.
Rent vs. Buy Calculator FAQs
Have questions about how the numbers work? These answers cover the break-even point, what costs to include, how much to put down, and how to get started with FSB.
How does the rent vs. buy calculator work?
The calculator compares the net cost of buying a home against the cumulative cost of renting over time. On the buying side, it accounts for your mortgage payment, property taxes, insurance, HOA fees, maintenance, and home appreciation. On the renting side, it tracks your monthly rent with annual increases. The break-even point is when the cumulative cost of renting equals the net cost of owning.
What does the break-even point mean in a rent vs. buy comparison?
The break-even point is how long it takes for the cumulative cost of renting to equal the net cost of owning a home. After that point, buying becomes the more cost-effective choice based on your inputs. If you plan to stay in the home beyond the break-even point, buying generally makes stronger financial sense.
What costs should I include beyond my mortgage payment?
Your true monthly cost to own a home includes more than principal and interest. Property taxes in Iowa average around 1.5% of the home value annually. Homeowners insurance typically runs $100 to $200 per month. Routine maintenance is commonly estimated at 1% of the home value per year. If your down payment is less than 20%, private mortgage insurance may also apply. Use the "Add ownership costs" section in the calculator above to factor these in.
How much should I put down on a home?
A down payment of 20% is the traditional benchmark because it eliminates the need for private mortgage insurance and reduces your monthly payment. However, conventional loans can require as little as 3% to 5% down, and FHA loans allow down payments as low as 3.5%. A larger down payment reduces your loan amount, lowers your monthly payment, and builds equity faster. Talk to an FSB lender to find out which down payment makes sense for your situation.
Current Rates
Today's Mortgage Rates in Iowa
Current rates for 15-year, 30-year, FHA, VA, and USDA home loans in Iowa.
For information about USDA, home construction, or FHA rates, contact FSB's Mortgage department at 319-730-6990 or fill out the form below.
Rent vs. Buy Calculator Disclosure
1Must be 18 or older to apply. All loans are subject to credit approval.
2Mortgage payment examples are based on a $150,000 loan with a minimum credit score of 740. Payment does not include taxes, insurance, or private mortgage insurance, if required as a condition of the loan. Actual terms and payment amounts vary based on each borrower’s unique situation. Other rates, terms and payment options are available.
3Rate is subject to change without notice. Contact FSB’s mortgage department for the most current rate. Loan term of 241-360 months/more than 20 years up to 30 years. Loan must be for a primary residence. Effective March 3, 2026; program runs until funds are exhausted.
†All rates are subject to change without notice. Actual rate may be higher based on credit history, occupancy, LTV and loan type. No discount points. The rates provided assume the purpose of the loan is to purchase a single family residence that will be used as a primary residence. FSB is not responsible for typographical errors or omissions.
‡As little as 3% down payment to purchase a home, with a loan amount of $125,000 or less and a credit score over 740. Contact a mortgage lender to see if you qualify for the HomeReady loan program.
Call FSB's Mortgage department for more information: 319-730-6990
