Buying vs Renting

For those in the situation where they have no interest in paying a landlord anymore, and want to put roughly the same monthly amount into a mortgage, here are some numbers for you.

BUT, part way down the page you will see the item for DOWN PAYMENT - you need to have some way of putting money down based on the value of the property you are looking.

My website http://millardhomes.ca has more information courtesy of CMHC on ways of mitigating this amount, or go straight to http://www.cmhc-schl.gc.ca/en/co/buho/index.cfm

The formatting would not allow me to put lines around the boxes, sorry.  You can try right clicking on the Y or Year One, then dragging the mouse to the bottom right corner - helps a bit.

YEAR ONE   YEAR TEN   YEAR 31   RENT   MORTGAGE   RENT   MORTGAGE   RENT   MORTGAGE             1,350                        13,489            1,650                        13,489            2,450  Paid Off           16,200  STRATA FEES           19,800  STRATA FEES           29,400  STRATA FEES                            2,400                           2,926                           4,050  PROPERTY TAXES   PROPERTY TAXES   PROPERTY TAXES                            1,930                           2,480                           8,480          16,200                        17,819          19,800                        18,895          29,400                        12,530  PURCHASE PRICE    PURCHASE PRICE    PURCHASE PRICE                        250,000                      250,000                      250,000  DOWN PAYMENT    DOWN PAYMENT    DOWN PAYMENT   5% 5% 5%                        12,500                        12,500                        12,500  PRICE INCREASE / YR   PRICE INCREASE / YR   PRICE INCREASE / YR  2% 2% 2%  VALUE INCREASE   VALUE INCREASE   VALUE INCREASE                            5,000                        54,749                      211,897  PRINCIPAL PAYDOWN   PRINCIPAL PAYDOWN   PRINCIPAL PAYDOWN                            4,235                        50,842                      237,500  TAX FREE EQUITY   TAX FREE EQUITY   TAX FREE EQUITY                            9,235                      105,590                      449,397