Renting vs Mortgage

Renting vs. Mortgage

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 RentAfter 3 YearsAfter 4 YearsAfter 5 YearsAfter 6 Years
$600.00 $21,600$28,800$36,000$43,200
$800.00 $28,800$38,400$48,000$57,600

Comparison of Rental Income vs. Mortgage Payments
Rent PaymentMortgage PaymentMortgage RequiredDown Payment RequiredPurchase PriceIncome Required
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.