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:  

 
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.

 

 

 

 

Christina Candy, B.A. Paralegal
TOP PRODUCER

- Broker -

candy@candyhomes.com

Harvey Kalles Real Estate Ltd., Brokerage

2145 Avenue Road, Toronto, Ontario M5M4B2

Direct 416.399.5885

Office 416.441.2888 ex 546

Fax 416-441-9926

Not intended to solicit properties currently listed for sale
or individuals currently under contract with a brokerage.

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