Netgear Nighthawk AX8 (RAX80) (Image credit: Netgear) If your internet service has speeds greater than 300Mbps, consider a high-speed DOCSIS 3.0 modem instead such as the Netgear CM600. If you get cable internet, a DOCSIS 3.0 modem such as the Motorola MB7420 or Netgear CM500 can handle speeds for most homes. To buy your own modem, all you need to do is check with your ISP to make sure that the model you want to buy works with that provider's service.

Considering that best cable modems cost anywhere from $60 to $100, you could pay off a modem twice for what you're spending to rent one, especially that a new law took effect late last year that prevents internet providers from charging you rental fees when you provide your own equipment. At Comcast, where some customers are paying that $14 monthly fee for their modems, that's $168 a year you're paying in modem rental fees. While tacking up to $14 a month on to your bill each month may not seem like much, those costs add up over time. If that's making your head spin, the good news is that your ISP will tell you which type of modem you need, and will even offer one for you to rent or, in some cases, buy. Several ISPs offer both DSL/cable and fiber options, so it can be challenging to determine which type of modem you need for your internet service even when you're looking at only one provider. Motorola MB7420 cable modem (Image credit: Tom's Guide)

Modem vs router modem