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 |
| $57,600 | $48,000 | $38,400 | $28,800 | $800.00 |
| $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. | |||||
There are many alternatives to bank financing today, do your homework in finding the best option for your situation and keep an open mind. Banks are not always the best answer and they certainly are not the only answer. Financial brokers today have a vast array of products to fit most circumstances and the best ones are up to date with the latest trends and options so they can place your financing with the best product on the market.
Talk to your bank, then talk to a Mortgage Broker, compare and make your decision.
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