In Korea you usually choose between jeonse (a large refundable deposit and zero monthly rent) and wolse (a smaller deposit plus monthly rent). The catch is that a jeonse deposit is never "free" — it ties up cash you could otherwise earn interest on, or that you must borrow. This tool compares both on a true effective monthly cost basis.
Enter amounts in Korean won (KRW). Tip: 100,000,000 = 1 eok (1억).
The opportunity rate is what your deposit money could earn elsewhere (savings/deposit account) or costs you (if borrowed). A useful real-world anchor is Korea’s jeonse–wolse conversion rate (전월세전환율), typically around 5–6% in 2026 Seoul — landlords price actual monthly rent near that rate, so test a few values. It drives the whole comparison — see the disclaimer.
The loan portion is costed at the loan rate (interest-only assumed); only the remaining cash portion of the deposit is costed at the opportunity rate above, so you are not double-counting.
Lower effective monthly cost is cheaper. Refundable deposits are not counted as a sunk cost — only the cost of holding/borrowing them is.
Enter your numbers above to see the comparison.