|
THE HIGH COST OF RENTING |
(based on 4% rental
increase per year)
|
|
Monthly Rental |
$900 |
$1000 |
$1,200 |
$1,400 |
$1,600 |
$1,800 |
$2,000 |
|
1st year |
$10,800 |
$12,00 |
$14,400 |
$16,800 |
$19,200 |
$21,600 |
$24,000 |
|
2nd year |
$22,032 |
$24,480 |
$29,376 |
$34,272 |
$39,168 |
$44,064 |
$48,960 |
|
3rd year |
$33,713 |
$37,459 |
$44,951 |
$52,443 |
$49,935 |
$67,427 |
$74,918 |
|
4th year |
$45,862 |
$50,958 |
$61,149 |
$71,341 |
$81,532 |
$91,724 |
$101,915 |
|
5th year |
$58,496 |
$64,996 |
$77,995 |
$90,994 |
$103,993 |
$116,993 |
$129,992 |
|
6th year |
$71,636 |
$79,596 |
$95,515 |
$111,434 |
$127,353 |
$143,272 |
$159,191 |
|
7th year |
$85,302 |
$94,780 |
$113,735 |
$132,691 |
$151,647 |
$170,603 |
$189,559 |
|
8th year |
$99,514 |
$110,571 |
$132,685 |
$154,799 |
$176,913 |
$199,027 |
$221,141 |
|
9th year |
$114,294 |
$126,994 |
$152,392 |
$177,791 |
$203,190 |
$228,588 |
$253,987 |
|
10th year |
$129,666 |
$144,073 |
$172,888 |
$201,703 |
$230,517 |
$259,332 |
$288,147 |
|
TOTAL |
$129,666 |
$144,073 |
$172,888 |
$201,703 |
$230,517 |
$259,332 |
$288,147 |
|
|
Why Are you Still
Renting? |
|
What your rent will buy |
|
Monthly Rent Payment |
Monthly Mortgage Payment
Including Taxes |
Mortgage Amount
Including CMHC Fee |
5% Down Payment |
Purchase Price |
Income Required |
|
$700 |
$701 |
$101,030 |
$5,150 |
$103,300 |
$29,087 |
|
$800 |
$799 |
$115,253 |
$5,875 |
$117,500 |
$32,788 |
|
$900 |
$901 |
$129,966 |
$6,625 |
$132,500 |
$36,612 |
|
$1000 |
$1000 |
$144,189 |
$7,350 |
$147,000 |
$40,311 |
|
$1,100 |
$1,102 |
$158,902 |
$8,100 |
$162,000 |
$44,137 |
|
$1,200 |
$1,201 |
$173,124 |
$8,825 |
$176,500 |
$47,836 |
|
$1,300 |
$1,299 |
$187,347 |
$9,550 |
$191,000 |
$51,535 |
|
$1,400 |
$1,401 |
$202,060 |
$10,300 |
$206,000 |
$55,361 |
|
$1,500 |
$1,500 |
$216,283 |
$11,025 |
$220,500 |
$59,060 |
|
$1,600 |
$1,599 |
$230,506 |
$11,750 |
$235,000 |
$62,759 |
|
$1,700 |
$1,701 |
$245,219 |
$12,500 |
$250,000 |
$66,585 |
|
$1,800 |
$1,799 |
$259,441 |
$13,225 |
$264,500 |
$70,284 |
|
$1,900 |
$1,901 |
$274,155 |
$13,975 |
$279,500 |
$74,111 |
|
$2,000 |
$2,000 |
$288,377 |
$14,700 |
$294,000 |
$77,810 |
|
$2,100 |
$2,102 |
$303,090 |
$15,450 |
$309,000 |
$81,636 |
|
$2,200 |
$2,201 |
$317,313 |
$16,175 |
$323,500 |
$85,335 |
|
Based on
an interest rate of
5.10% (Subject to change
without notice) |
|
Annual
taxes are assumed to be
1.25% of the purchase
price per year (maintenance fees are
not included) |
|
 |
|
