Please correct the following information before continuing.
Monthly cost of renting:
Monthly cost of buying including principal, interest, tax and insurance:
Based on what you entered, buying a home seems like a good choice if you plan on staying in your new home for years. You will be able to increase your equity through repaying the principal loan amount and through the appreciation of your home. Based on what you entered, renting could cost you less than owning over the next years. If you still want to buy a home, save more for a down payment or consider a less expensive house so your mortgage will be smaller.
In many cases, you will be able to save on your income taxes each year if you're a homeowner, and your home can usually be considered an investment. On the other hand, homeowners need to take care of any problems and maintenance on the home on their own while renters can usually call their landlords.
To see how much you would qualify to borrow for a mortgage, try this calculator