Empowering Dreams, Securing Homes

10045 Hurontario St #1,

Brampton, ON L6Z 0E6

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info@teamcpmortgages.ca

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+1 (647) 680-1284

RENT VERSUS OWNING

RENTAL COMPARISONS

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.

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
$1000.00 $36,000 $48,000 $60,000 $72,000

Comparison of Rental Income vs. Mortgage Payments

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.
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
$900.00 $900 $125,713 $6,455 $129,102 $38,793
$1000 $1000 $139,681 $7,172 $143,446 $43,103
$1,100 $1,100 $153,349 $7,890 $157,791 $47,414
$1200 $1200 $167,617 $8,607 $172,135 $51,724
$1300 $1300 $181,585 $9,324 $186,480 $56,034
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