diff --git a/calc.js b/calc.js
index c4b6ad1..b887e13 100644
--- a/calc.js
+++ b/calc.js
@@ -119,12 +119,9 @@ function run_simulation(p) {
     const selling_costs = home_value * (p.closing_sell_pct / 100);
     const buyer_nw = home_value - selling_costs - balance + buyer_portfolio;
 
-    // apply capital gains tax on portfolio gains when we "cash out" at end
-    // (we track gross portfolio, deduct tax in summary)
-    const renter_nw = portfolio;
-
-    // breakeven: when buyer net worth overtakes renter
-    if (breakeven_month === null && buyer_nw >= renter_nw) {
+    // breakeven uses after-tax renter value to match what the chart shows
+    const renter_nw_after_tax = portfolio - Math.max(0, portfolio - start_capital) * (p.tax_rate / 100);
+    if (breakeven_month === null && buyer_nw >= renter_nw_after_tax) {
       breakeven_month = m;
     }