Home ownership is more affordable than you may realize and is also a great investment alternative. For what you are paying in rent, you could own your home.
Take a look at how practical and affordable owning a home can be.
| If your rent is between*: | You could buy a home worth*: | Your monthly mortgage payment could be*: |
| $1,250 – $1,300 | $163,000 – $193,500 | $981 – $1,165 |
| $1,500 – $1,800 | $153,000 – $212,000 | $921 – $1,276 |
| $2,100 | $250,000 | $1,505 |
Find out if you should rent or own with the Rent vs. Own Calculator.
*The information presented above is for illustration only. Rent and Home prices are based on the Survey of Canadian Prices (Royal LePage, Second Quarter 2005, Issue No.32). Monthly mortgage payment is based on a $150,000-$250,000 mortgage, with 5% down payment at an interest rate of 5.90% per year (rate as of October 5, 2005), on a 5-year closed term and a 25-year amortization. Mortgage payment amount does not include property taxes, insurance premiums, utilities and common expenses.
The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.
