| A | B | C | E | F | G | |
|---|---|---|---|---|---|---|
1 | Fill yellow cells | |||||
2 | ||||||
3 | Cash in hand for cashdown / investment | $50,000.00 | * Closing Costs also needs to be in hand, and are calculated in the invested amount in the rent scenario | |||
4 | Interest Rate (Fixed rate) | 3.70% | ||||
5 | Amortization (Max 25 years) | 25 | ||||
6 | Number of Years for calculations | 5 | ||||
7 | Enter Sale Price | $500,000.00 | ||||
8 | ||||||
9 | Buy & Sell | Rent | ||||
10 | House Price [% cash down - min 5% | Amount] | 10% | $500,000 | First Year Monthly Rent | $2,000.00 | |
11 | Closing Costs [% | Amount] | 2.00% | $10,000 | Insurance / year [Yearly | Total] | $360.00 | $1,800 |
12 | Monthly Payment (incl. CHMC) [Monthly | Total] * | $2,349.55 | $140,973 | Annual rent increase [% Yearly | Total] | 2% | $123,654 |
13 | Taxes + Insurance + Maintenance / year [Yearly | Total] | $7,500 | $37,500 | |||
14 | Appreciation [% Yearly | Total] | 0.00% | $0.00 | |||
15 | Selling Price | $500,000 | ||||
16 | Closing Costs + Realtor Fee [% | Amount] | 5% | $25,000 | |||
17 | Owing on Mortgage | $399,022 | ||||
18 | Money left | $75,978 | Money left [invested % return | Total] | 5% | $77,001.52 | |
19 | Total Cost of housing | $162,495 | Total Cost of housing [Actual | Including Investment] | $125,454 | $48,453 | |
20 | Monthly cost of housing | $2,708 | Monthly cost of housing [Actual | Including Investment] | $2,091 | $808 | |
21 | Renting is cheaper by $114,042.05 ($1,900.70 / month) | |||||
22 | ||||||
23 | More numbers… | |||||
24 | First year monthly rent equivalent to buying | $3,845 | ||||
25 | House price equivalent to renting | $176,235 | ||||
26 | % yearly appreciation/depreciation required to match rent | 4.40% | ||||
27 | ||||||
28 | * CMHC rates - as of May 1 2014 - for >80% loan-to-value ratios taken from http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_023.cfm | |||||
29 | * Uses traditional down payment and standard premium | |||||
30 | * Interest compounded semi-annually - Canadian Law for non-variable rate mortgages | |||||
31 | Updated 2014-03-12 @ 06:39 | |||||
32 | If you see errors or have comments please email beachboy@live.com | |||||
33 | ||||||