You Might Already Be Paying a Mortgage—Just Not Your Own. Here’s the Math

Let’s say you’re paying $2,400/month in rent. Over the next three years, you’ll spend nearly $90,000—with nothing to show for it.

Now imagine buying a $375,000 condo with 3% down. With a low interest rate, homeowner’s insurance, and taxes, your monthly payment could be around $2,450/month.

So... you’re already paying a mortgage. It’s just your landlord’s.

Here’s how the numbers really break down:

While renting, your upfront cost is essentially zero—but after five years, you’ve built no equity and gained no tax benefits. On the other hand, buying that same condo would require about $12,000 upfront, but you could build around $51,000 in equity over five years—just by living there and making your monthly payment.

Renting gives you no control over the property, future rent hikes, or modifications. Buying gives you full control—plus access to tax benefits like the mortgage interest deduction, which can help reduce your annual tax bill.

When you lay it all out, the math becomes clear: renting may feel cheaper upfront, but buying often builds long-term financial stability and wealth—especially if you're already paying what a mortgage would cost.

Even with maintenance costs, owning often pays off after 3–5 years if you buy right.