What does this Rent vs Buy Calculator do?
Our calculator analyzes and based on the information provided it recommends if its worth buying or stay renting and invest.
What info should i fill in?
Monthly Payment – Use our Mortgage Payment Calculator to find out how much your monthly will be.
Down Payment – Amount you would have put down for the purchase.
Annual Property Taxes – We recommend you enter 1% of the purchase price.
Annual Increase in Home Value – Even though Toronto and nearby cities are seeing a constant growth of more than 10% year over year, we recommend you take a conservative approach.
Monthly Rent – Current rent you pay or approx market rent
Years of Comparison – Number of years you would stay in a rental.
How to lower payments?
One way to lower payments is by increasing amortisation to 30 years, although to be eligible for 30-year amortisation you need to put a downpayment of min 20%.
Want to be mortgage free faster?
We strongly recommend you switch to bi-weekly or weekly, the extra payments during the year will help you pay off more principal quicker. Once you enter your data in the calculator across, you will notice that Weekly payments will show a significantly less amortisation period.