Actually, this is what you want in most cases, from MSDN:
DT_EDITCONTROL
Duplicates the text-displaying characteristics of a multiline edit
control. Specifically, the average character width is calculated in
the same manner as for an edit control, and the function does not
display a partially visible last line.
What it fails to mention is that it also breaks words in the middle if needed, like an edit control does. It does have the other effect of not showing partially visible bottom lines, but in most usages I do not think that will matter because you are probably using DT_CALCRECT ahead of time to make sure you have enough space (and if not, not drawing a partially visible line is probably best anyway). If it really mattered, you could always do something with clipping, such as give DrawText a taller rectangle, but have a smaller clip rectangle set on the device context already.