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:
| 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 |
| 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. |
|
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