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We have assembled some tables to allow you to gauge the possibility of purchasing instead of renting. The information is to be used as a guideline only, please send us a message for more specific information. If it is at all possible to purchase, you will see that it pays to put the money in your pocket instead of your landlords. Please have a look at the tables below: |
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| How Much Rent Do You Pay? | ||||
| Monthly Rent | After 3 Years | After 4 Years | After 5 Years | After 6 Years |
| $500.00 | $18,000 | $24,000 | $30,000 | $36,000 |
| $600.00 | $21,600 | $28,800 | $36,000 | $43,200 |
| $700.00 | $25,200 | $33,600 | $42,000 | $50,400 |
| $800.00 | $28,800 | $38,400 | $48,000 | $57,600 |
| $900.00 | $32,400 | $43,200 | $54,000 | $64,800 |
| $1,000.00 | $36,000 | $48,000 | $60,000 | $72,000 |
| Comparison of Rental Income vs. Mortgage Payments | |||||
| Rent Payment | Mortgage Payment | Mortgage Required | Down Payment Required | Purchase Price | Income Required |
| $500 | $500 | $69,840 | $3,586 | $71,723 | $21,552 |
| $600 | $600 | $83,808 | $4,303 | $86,068 | $25,862 |
| $700 | $700 | $97,776 | $5,021 | $100,412 | $30,172 |
| $800 | $800 | $111,745 | $5,738 | $114,757 | $34,483 |
| $900 | $900 | $125,713 | $6,455 | $129,102 | $38,793 |
| $1,000 | $1,000 | $139,681 | $7,172 | $143,446 | $43,103 |
| $1,100 | $1,100 | $153,649 | $7,890 | $157,791 | $47,414 |
| $1,200 | $1,200 | $167,617 | $8,607 | $172,135 | $51,724 |
| $1,300 | $1,300 | $181,585 | $9,324 | $186,480 | $56,034 |
| This Illustration Is Based on a Five Year Interest Rate of: 7.250% | |||||
| The annual taxes are assumed to be 1.25% of the purchase price. | |||||
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Wes Krol, B. Comm |
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| wkrol@trebnet.com | |
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Right At Home Realty Inc., Brokerage |
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7045 Edwards Boulevard, Suite 401, Mississauga, Ontario L5S 1X2 |
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Office Phone 905-565-9200 |
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Office Fax 905-565-6677 |
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Home Office Fax 905-848-5259 |
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Cell 416-414-5051 |
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The material provided in the pages of this website is for informational purposes only. Although the site owner and creators assume the information to be correct, and attempt to keep information in the pages of this website as current as possible, they do not warrant the accuracy or completeness of any information included in or linked to this page. |
