I use Octave daily (in the last hour, will return to it when I finish my soup), but have never seen anything that matched Mathematica's symbolic/pure math functionality.
Will check out Sage, haven't used Maxima since 2004. Thanks!
Edit: Sage looks nifty, Maxima looks unchanged, at least at screenshot-level.
Indeed, there are plenty of open source solutions that can solve your particular problem, and many problems don't need any sort of symbolic tools. There's also Octave with a nice collection of packages on Octave-Forge, there's PARI (included in Sage), and there's LAPACK, and I'm sure there are others I'm either forgetting or haven't heard of.
I too can attest to the extensive abilities of the Sage package. It's extremely powerful and easy to use given that it's based in Python. Even if you don't want to download it, give the notebook a try: http://www.sagenb.org/.
It stretches the definition of equivalent but folks interested in an open-source version of the Mathematica language should see or contribute to http://www.mathics.org/
It's been a long time since I used Mathematica, but I always used it for symbolic computations (e.g. "derivative of x^2 = 2x"), especially when I was learning calculus and differential equations. As far as I'm aware R doesn't even natively have a way of storing symbolic equations, let alone solving them (at the least, it's not its main use-case).
But I could be wrong; I used mathematica and R for very different things so I may just be unaware of their similarities.
In principle R language is equally potent than Mathematica's one (functional+self-modifying), so Mathematica clone can be done in R (and in fact there is a built-in function "D" which calculates derivatives of native expressions symbolically).
Of course this won't ever happen because of the paradigm -- R is for data crunching and does this way better than Mathematica.