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.