Homophones are words that pronounce the same as another word but differs in meaning and spelling. These words may be spelled same as in rain, reign, and rein.

Homonyms are words that have same spelling,  meaning varies.  For example, bark (the sound of a dog) and bark (the skin of a tree) are two different meanings for bark.

Examples of Homonyms -

1. the spruce tree, to spruce up

2. suit yourself, wore a suit

3. weigh on the scale , scale the wall

4. the price is fair , go to the fair

Example of Homophones -

1. addition for math, edition of a book

2. capitol building, state capital

3. pick a flowe r , bake with flour

4. I want to go, i like it too .

Check these example to clear your doubt in better manner.