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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.
Mortgage Information:
 
Finance Centre:
RE/MAX Hallmark Realty Ltd., Brokerage
- Independently Owned and Operated -
785 Queen St East - Toronto, Ontario, M4M 1H5
Direct 416.985.3100       Office 416.465.7850       Fax 416.463.7850

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

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