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Summary
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- As of 2022, to break-even, you need to put 35-40% downpayment
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- Getting Break-Even with only 20% downpayment disappeared since 2010.
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- There are 2 types of profits in Condo. Rent Profit & Capital Gains.
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- Rent Profits are small, however Capital Gains are big and this is how you make money.
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30-year Amortization with 2.3% interest rate
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Studio 400sf
Townhouse 1000sf+, freehold
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Total Monthly Expenses$500,000$525,000$550,000$575,000$600,000$625,000$650,000$675,000$700,000$800,000$900,000$1,000,000
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20% Down Payment$2,118$2,209$2,300$2,391$2,483$2,574$2,666$2,757$2,848$3,381$3,767$4,153
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30% Down Payment$2,024$2,110$2,196$2,283$2,370$2,457$2,544$2,630$2,716$3,078$3,426$3,774
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35% Down Payment$1,930$2,012$2,093$2,175$2,257$2,339$2,421$2,503$2,585$2,926$3,255$3,584
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40% Down Payment$1,836$1,913$1,989$2,067$2,144$2,222$2,299$2,377$2,453$2,775$3,085$3,395
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Down Payment
20% Scenario
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400sf Studio
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Condo Price$500,000$525,000$550,000$575,000$600,000$625,000$650,000$675,000$700,000$800,000$900,000$1,000,000
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Downpayment$100,000$105,000$110,000$115,000$120,000$125,000$130,000$135,000$140,000$160,000$180,000$200,000
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Land Transfer Tax$12,950$13,950$14,950$15,950$16,950$17,950$18,950$19,950$20,950$21,950$22,950$23,950
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Lawyer Fees$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000
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Title Insurance$500$525$550$575$600$625$650$675$700$800$900$1,000
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Total Cash Required$114,450$120,475$126,500$132,525$138,550$144,575$150,600$156,625$162,650$183,750$204,850$225,950
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Monthly Expenses
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Mortgage payment (30 year amort, 2.14%)
$1,411$1,481$1,552$1,622$1,693$1,763$1,834$1,904$1,975$2,424$2,727$3,030
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Property Tax$417$438$458$479$500$521$542$563$583$667$750$833
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Maintenance Fees$240$240$240$240$240$240$240$240$240$240$240$240
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Property Insurance$50$50$50$50$50$50$50$50$50$50$50$50
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Total Monthly Expenses$2,118$2,209$2,300$2,391$2,483$2,574$2,666$2,757$2,848$3,381$3,767$4,153
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Down Payment
30% Scenario
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400sf Studio
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Condo Price$500,000$525,000$550,000$575,000$600,000$625,000$650,000$675,000$700,000$800,000$900,000$1,000,000
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Downpayment$150,000$157,500$165,000$172,500$180,000$187,500$195,000$202,500$210,000$240,000$270,000$300,000
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Land Transfer Tax$12,950$13,950$14,950$15,950$16,950$17,950$18,950$19,950$20,950$21,950$22,950$23,950
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Lawyer Fees$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000
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Title Insurance$500$525$550$575$600$625$650$675$700$800$900$1,000
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Total Cash Required$164,450$172,975$181,500$190,025$198,550$207,075$215,600$224,125$232,650$263,750$294,850$325,950
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Monthly Expenses
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Mortgage payment (30 year amort, 2.14%)
$1,317$1,382$1,448$1,514$1,580$1,646$1,712$1,777$1,843$2,121$2,386$2,651
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Property Tax$417$438$458$479$500$521$542$563$583$667$750$833
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Maintenance Fees$240$240$240$240$240$240$240$240$240$240$240$240
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Property Insurance$50$50$50$50$50$50$50$50$50$50$50$50
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Total Monthly Expenses$2,024$2,110$2,196$2,283$2,370$2,457$2,544$2,630$2,716$3,078$3,426$3,774
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Down Payment
35% Scenario
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400sf Studio
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Condo Price$500,000$525,000$550,000$575,000$600,000$625,000$650,000$675,000$700,000$800,000$900,000$1,000,000
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Downpayment$175,000$183,750$192,500$201,250$210,000$218,750$227,500$236,250$245,000$280,000$315,000$350,000
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Land Transfer Tax$12,950$13,950$14,950$15,950$16,950$17,950$18,950$19,950$20,950$21,950$22,950$23,950
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Lawyer Fees$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000
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Title Insurance$500$525$550$575$600$625$650$675$700$800$900$1,000
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Total Cash Required$189,450$199,225$209,000$218,775$228,550$238,325$248,100$257,875$267,650$303,750$339,850$375,950
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Monthly Expenses
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Mortgage payment (25 year amort, 2.34%)
$1,223$1,284$1,345$1,406$1,467$1,528$1,589$1,650$1,712$1,969$2,215$2,461
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Property Tax$417$438$458$479$500$521$542$563$583$667$750$833
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Maintenance Fees$240$240$240$240$240$240$240$240$240$240$240$240
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Property Insurance$50$50$50$50$50$50$50$50$50$50$50$50
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Total Monthly Expenses$1,930$2,012$2,093$2,175$2,257$2,339$2,421$2,503$2,585$2,926$3,255$3,584
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Down Payment
40% Scenario
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400sf Studio
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Condo Price$500,000$525,000$550,000$575,000$600,000$625,000$650,000$675,000$700,000$800,000$900,000$1,000,000
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Downpayment$200,000$210,000$220,000$230,000$240,000$250,000$260,000$270,000$280,000$320,000$360,000$400,000
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Land Transfer Tax$12,950$13,950$14,950$15,950$16,950$17,950$18,950$19,950$20,950$21,950$22,950$23,950
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Lawyer Fees$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000$1,000
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Title Insurance$500$525$550$575$600$625$650$675$700$800$900$1,000
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Total Cash Required$214,450$225,475$236,500$247,525$258,550$269,575$280,600$291,625$302,650$343,750$384,850$425,950
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Monthly Expenses
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Mortgage payment (25 year amort, 2.34%)
$1,129$1,185$1,241$1,298$1,354$1,411$1,467$1,524$1,580$1,818$2,045$2,272
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Property Tax$417$438$458$479$500$521$542$563$583$667$750$833
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Maintenance Fees$240$240$240$240$240$240$240$240$240$240$240$240
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Property Insurance$50$50$50$50$50$50$50$50$50$50$50$50
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Total Monthly Expenses$1,836$1,913$1,989$2,067$2,144$2,222$2,299$2,377$2,453$2,775$3,085$3,395
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