Mortgage Corner - Information makes the difference.
Rental Comparison
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.

 
 

John Mercer
- Broker -

johnmercer.realtor@gmail.com

Right At Home Realty Inc., Brokerage

895 Don Mills Road, Suite 202, Toronto, Ontario M3C 1W3

Direct 416-219-8098

Home 905-895-2496

Office 416-391-3232

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

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