Dont forget as a renter, you are still entitled to $10,000 Standard Deduction ($5,000 if your single). Many rent vs. buy calculations I’ve seem do not include the tax benefit that exists even if you don’t itemize.
You also need to factor in your opportunity cost. The $120k down payment could be earning around $5,400 @ 4.5% pre-tax every year (2 months of rent).
