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Rent vs own

$2,200 a month in rent buys a $464,000 home in Merritt

At a 5.19% posted rate, 20% down and 25 years. 90 Merritt homes are listed at or under it.

Purchase price
$464,000
Down payment
$93,000
All-in monthly
$2,889/mo
Homes listed
90

Source: Current MLS® listings.

Your rent

$

a month

The price your rent could cover

$464,000

20% down assumed ($93,000). 90 homes listed at or under it in Merritt.

Of the first payment, about $613 goes to the loan itself. Tax, strata and insurance would bring the all-in price closer to $355,000.

See these homes
Purchase price
$464,000
Down payment
$93,000
All-in monthly
$2,889/mo
Homes listed
90

Source: Current MLS® listings.

Merritt homes your $2,200 rent could own

90 active listings

Open these Merritt homes on the map

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NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).

See all 90 in Merritt on the map

The math

How $2,200/mo of rent becomes a purchase price
Rent you pay$2,200/mo
Interest rate5.19%
Amortization25 years
Down payment (20%)$93,000
Mortgage supported$371,000
Purchase price$464,000
Tax, strata and insurance$689/mo
All-in monthly$2,889/mo

Assumptions

Rate
5.19%, the posted five-year fixed rate. Illustrative, not a quote.
Amortization
25 years
Down payment
20% ($93,000 on $464,000)
Property tax
7.93 per $1,000 of value
Strata
$320 a month, an estimate
Insurance
$62 a month, an estimate

An estimate, not a mortgage approval or financial advice. Change the rate, down payment or amortization in the calculator and the figures update.

Questions

What can $2,200 a month in rent buy in Merritt?

About $464,000, at a 5.19% posted rate with 20% down over 25 years. With tax, strata and insurance in the same budget, about $319,000.

How much is the down payment?

$93,000, or 20% of $464,000.

Is the mortgage really the same as the rent?

The mortgage payment is. Tax, strata and insurance add about $689/mo, for $2,889 in total.

Other rents in Merritt

Prepared by

Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.

Data

Source: MLS® listing data from BC real estate boards (MLS® Reciprocity) and CREA's DDF®.

NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).

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A mortgage broker can confirm what you qualify for.