RENTING VERSUS BUYING THIS VICTORIA BC VIEW CONDO.
Have you looked at comparing the advantages of renting or buying a Condo in Victoria BC?
I have a easy to use Mortgage calculator to determine your monthly mortgage costs when Buying. In addition to calculating the mortgage monthly payments, my calculator also calculates Renting VS Buying.
Lets do a calculation based with a Purchase price of $265,000, with a downpayment of $65,000 on a current View Victoria Condo I have for sale #807-777 Blanshard Street.
We'll look at the qualification for a mortgage, and also you'll see the comparison results on Renting vs Buying with my mortgage calculation tool. The Rent is preset at $1,000 so I 'll change it to $1500 pm then to set it by pushing the calculation button on the first page.
Here's a page capture of the amount of the monthly mortgage payments, shows $1,355.53 PIT monthly with a down payment of $65,000 at 3% mortgage interest rate.
At the top you can see other options with my mortgage calculator, for now we'll just look at Rent vs Buy over 5 years.
I'll assume a current rent at $1500 per month, 4% per ann rent increase and 3% interest on an investment.
We'll considering buying a home valued at $265,000.00, with a down payment of 24.53% or$65,000.00. a monthly mortgage payment of $841.21 includes both principal and interest and is based upon a loan amount at an interest rate of 3%.
See a page caputure of the above results..
Summary
By buying your home versus renting you will have saved $94,271.16 over the next 5 years.
See my Page Capture of the summary on my mortgage calculator tool.
Try your own Calculations with purchasing this condo, go here for complete details on my Victoria Ocean View Condo, go to the mortgage calculator button(and of course watch the virtual tour too), Use the rent you are currently paying, Purchase price and talk to your mortgage broker for a current term and mortgage interest rate for calculating Rent Vs Buying.
Call me if you have any questions
RENTING VERSUS BUYING THIS VICTORIA BC VIEW CONDO.
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