See my price range

Answers · Updated 2026-09-26

How to Stop Paying Rent: A Step-by-Step Plan

How do I stop paying rent? Buy a home with a monthly payment close to what you already pay in rent. The path is: check your credit, get pre-approved by a lender, find out which down payment assistance programs you qualify for, then shop for homes priced to your approved payment.

Most renters who make this move do it with a low-down-payment loan (FHA from 3.5% down, conventional from 3% down, VA and USDA from 0% down) plus seller credits or down payment assistance for closing costs. A pre-approval tells you the exact price range your income supports, which is the number that matters, not the list price you see online.

Step by step

  1. Check your credit report for free at annualcreditreport.com and fix any errors.
  2. Get pre-approved by a mortgage lender. This gives you your real price range and monthly payment.
  3. Ask the lender which down payment assistance programs you qualify for.
  4. Tour homes priced to your approved payment, not your maximum approval.
  5. Make an offer, request seller credits toward closing costs, and schedule the move around your lease end.

See what my rent would buy

Related questions

I'm tired of paying rent. What should I do?

Find out what your rent would buy. Enter your current rent and city above to see a home price range with a similar monthly payment, then talk to a lender about a pre-approval. It costs nothing to check and does not commit you to buy.

How much house can I afford with what I pay in rent?

As a rough rule, every $1,000 a month you pay in rent supports about $130,000 to $140,000 in purchase price, assuming an FHA loan with 3.5% down at a rate around 6.5%, including taxes, insurance and mortgage insurance. At $3,250 a month in rent, that is roughly a $440,000 to $480,000 home.

How much money do I need to buy a house?

Less than most renters think. FHA loans require 3.5% down with a 580+ credit score, some conventional loans require 3% down, and VA and USDA loans can require 0% down. Closing costs typically run 2% to 5% of the price and can often be covered by seller credits or assistance programs.

What credit score do I need to buy a house?

FHA loans allow scores as low as 580 with 3.5% down (500 to 579 with 10% down). Conventional loans generally start at 620. Higher scores get lower rates, so raising your score by 20 to 40 points before you apply can lower your payment.