Home Financing Tools
House Hacking Calculator: How Much Could Renting Part Of Your Home Lower Your Payment?
Estimate your payment, your rent offset, and what you would actually pay each month
House hacking means living in one part of a home while renting out a bedroom, lower level, accessory dwelling unit, or another unit. Enter the purchase numbers and projected rents to compare the full monthly housing payment with what you may pay after the rental income offsets part of the cost. New to the idea? Read our What Is House Hacking? guide.
How To Use This House Hacking Example
Step 1
Review This Home And Loan
Check the price, down payment, rates, taxes, insurance, and HOA. Change any yellow field if you want to try your own numbers.
Step 2
Review The Expected Rent
See the rent planned for each space. Change the yellow fields if you want to try a different amount. We'll do the math for you.
Step 3
See What You May Pay
Compare the full home payment with what may come out of your pocket after rent.
Step 4
Send Us Your Scenario
Send your numbers for a personal review. After that, you can book a call.
Fill In The Yellow Fields. Everything Else Is Calculated.
Review This Home And Loan
Check the home and loan details. We'll build the full monthly payment for you.
Purchase And Financing
Seller funded. Not added to your cash to close.
Use the rate your lender estimates after applying the seller-funded buydown.
Payments use the rate after the seller buydown. If that field is blank, the standard interest rate is used instead. Permanent rate pricing is not derived from the dollar amount because lender pricing varies.
Review The Expected Rent
See the planned rent for each space. Change any yellow field to test a different amount.
Projected Monthly Rent
Optional planning cushion for vacancy, repairs, or unpaid rent.
See What You May Pay
See the full home payment, estimated rent offset, and what may come out of your pocket.
Your House Hacking Bottom Line
Based on these projections, house hacking could reduce your estimated monthly housing cost by $5,700 per month.
Full Monthly Housing Payment
$7,346
Adjusted Monthly Rent Offset
- $5,700
Estimated Monthly Cost After Rent
$1,646
Payment Offset
77.6%
Potential Annual Offset
$68,400
Estimated Monthly Savings From Seller Buydown
$694.21
Rental income may offset what you pay out of pocket, but it does not change the required mortgage payment.
Without House Hacking
With House Hacking
Purchase Summary
The seller-paid rate buydown cost is paid by the seller and is not included in your estimated cash to close.
View The Full Walkthrough
See the complete house hacking presentation covering strategy, loan options, and real examples of how buyers use rental income to lower their monthly payment.
View The Full WalkthroughSend Us Your Scenario
Send your numbers for a personal review. After that, you can book a call.
Want These Numbers Reviewed For Your Situation?
Send your scenario to Michael Thayer and his team, or book a call directly below.
Prefer to talk it through? Pick a time that works for you.
Booking unlocks once you send your scenario, so Michael has your numbers before the call.
Your information is used only to respond to your mortgage inquiry and is not sold. This is not a loan application and does not constitute any type of formal loan approval.
For illustration purposes only. Projected rent is an estimate and is not guaranteed. Rental income may not be eligible for loan qualification. Actual rates, buydown costs, mortgage insurance, taxes, insurance, closing costs, prepaids, loan terms, property expenses, program rules, zoning, and rental restrictions vary. This is not a loan approval, pre-approval, rate lock, Loan Estimate, rental analysis, tax advice, legal advice, offer, quote, or commitment to lend.