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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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Linda Morrow |
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| morrowroyallepage@gmail.com | ||
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Royal LePage Real Estate Services Ltd., Brokerage |
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2320 Bloor Street West, Toronto, Ontario M6S 1P2 |
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Phone (416) 762-8255 |
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Direct (416) 806-7177 |
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Toll Free 1-866-335-1900 |
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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. |
