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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. MLS®, Multiple Listing Service®, and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

®MLSReciprocity
Home/Rent vs mortgage/Summerland/$1,500/mo

Rent vs mortgage

$1,500 a month in rent buys a $316,000 home in Summerland

That is what a 1500-a-month rent carries as a mortgage at 5.19%, with 20% down over a 25-year amortization. Covering property tax, strata and insurance inside the same monthly budget, the matching price is about $211,000. Here are the 24 Summerland homes on the market at or under it right now.

Purchase price

$316,000

Down payment

$63,000

All-in monthly

$1,998/mo

Matching homes

24

Rent or own? See what you could afford

Your name

$

/mo

Your monthly rent

Paid as a mortgage, $1,500/mo owns a home worth about

$316,000

24 Summerland homes are in your budget

Builds your equity

Rent builds none

Covering mortgage, tax, strata and insurance together, the matching price is about $216,000.

Rate %
Down %
Amort. yrs
Email *
How $1,500/mo of rent becomes a purchase price
Rent you pay$1,500/mo
Interest rate5.19%
Amortization25 years
Down payment (20%)$63,000
Mortgage supported$253,000
Purchase price$316,000
Tax, strata & insurance$498/mo
All-in monthly$1,998/mo

Summerland homes your $1,500 rent could own

9700 Julia Street
Under your rent
5

$315,500

~$1,495/mo

i

9700 Julia Street

Summerland · Land

MLS® 10378796

View

Rennie & Associates Realty Ltd.

1719 TREFFRY Place
Under your rent
3

$275,000

~$1,303/mo

i

1719 TREFFRY Place

Summerland · Land

MLS® 10383157

View

RE/MAX Penticton Realty

1732 TREFFRY Place
Under your rent
3

$255,000

~$1,209/mo

i

1732 TREFFRY Place

Summerland · Land

MLS® 10383491

View

RE/MAX Penticton Realty

#19 – 8712 STEUART Street
Under your rent
18

$95,000

~$450/mo

i

#19 – 8712 STEUART Street

Summerland · Residential

3 bd

1 ba

768 sqft

$124/sqft

Built 1972

MLS® 10390961

View

Parker Real Estate

#56 – 8712 Steuart Street
Under your rent
16

$224,900

~$1,066/mo

i

#56 – 8712 Steuart Street

Summerland · Residential

3 bd

2 ba

1,296 sqft

$174/sqft

Built 1974

MLS® 10381568

View

Royal LePage Parkside Realty

#104 – 13011 Lakeshore Drive
Under your rent
31

$199,000

~$943/mo

i

#104 – 13011 Lakeshore Drive

Summerland · Residential

1 bd

1 ba

515 sqft

$386/sqft

Built 2005

MLS® 10396303

View

Royal LePage Locations West

#24 – 17017 SNOW Avenue
Under your rent
33

$299,900

~$1,421/mo

i

#24 – 17017 SNOW Avenue

Summerland · Residential

2 bd

2 ba

1,180 sqft

$254/sqft

Built 1989

MLS® 10358673

View

Royal LePage Parkside Realty

#19 – 13620 VICTORIA Road
Under your rent
26

$310,000

~$1,469/mo

i

#19 – 13620 VICTORIA Road

Summerland · Residential

2 bd

1 ba

1,120 sqft

$277/sqft

Built 1986

MLS® 10384038

View

Chamberlain Property Group Inc.

#352 – 13011 LAKESHORE Drive
Under your rent
39

$219,900

~$1,042/mo

i

#352 – 13011 LAKESHORE Drive

Summerland · Residential

1 bd

1 ba

526 sqft

$418/sqft

Built 2005

MLS® 10374154

View

Parker Real Estate

#306 – 8907 Pineo Court
Under your rent
24

$299,900

~$1,421/mo

i

#306 – 8907 Pineo Court

Summerland · Residential

1 bd

1 ba

1,007 sqft

$298/sqft

Built 1993

MLS® 10395128

View

RE/MAX Orchard Country

#369 – 13011 Lakeshore Drive
Under your rent
75

$164,900

~$782/mo

i

#369 – 13011 Lakeshore Drive

Summerland · Residential

1 bd

1 ba

473 sqft

$349/sqft

Built 2005

MLS® 10382725

View

REMAX Kelowna

17523 Sanborn Street
Under your rent
19

$299,900

~$1,421/mo

i

17523 Sanborn Street

Summerland · Land

MLS® 10379786

View

Rennie & Associates Realty Ltd.

See all on the map (24 active listings)

Other rents in Summerland

$1,800/mo · $2,000/mo · $2,200/mo · $2,500/mo · $3,000/mo · $3,500/mo · $4,000/mo

The assumptions behind these numbers

Every figure assumes a 5.19% interest rate, 20% down and a 25-year amortization. Property tax uses the local municipal residential rate of 4.40 per $1,000; strata ($320/mo) and insurance ($62/mo) are estimates, since neither is knowable from rent alone. Change any of these in the calculator and the numbers update in place. This is an estimate for comparison, not a mortgage approval or financial advice. Your rate, down payment and the home's real carrying costs will differ. Confirm with a mortgage professional before you rely on it.

Common questions

What can $1,500 a month in rent buy in Summerland?

At a 5.19% rate with 20% down over 25 years, $1,500/mo carries the mortgage on a home priced around $316,000. Covering tax, strata and insurance inside the same budget, the matching price is about $211,000.

How much do I need for a down payment?

On a $316,000 home at 20% down, the down payment is $63,000. A smaller down payment raises the monthly cost and may add mortgage insurance.

Is the mortgage really the same as my rent?

The mortgage payment is, by design; that is what this page solves for. Owning also adds roughly $498/mo in tax, strata and insurance, so the honest all-in monthly on a $316,000 home is closer to $1,998.

RR

How these numbers are worked out

I am Ray Rasouli, a licensed REALTOR® with Real Broker B.C. Ltd. The purchase price is your rent solved back through a standard amortized mortgage, and the listings come from live MLS® inventory refreshed hourly, not a static table. The figures are for comparison, not a mortgage approval. Tell me your situation and I will confirm what you actually qualify for.

Page methodology and sources are stated beside the figures. Content is reviewed by Ray Rasouli, REALTOR®, Real Broker B.C. Ltd.
$1,800/mo in Summerland$2,000/mo in Summerland$2,200/mo in Summerland$2,500/mo in Summerland$3,000/mo in Summerland$3,500/mo in Summerland$4,000/mo in SummerlandAll rent bands in SummerlandSummerland market reportMortgage calculator

Listing data provided by the Real Estate Board of Greater Vancouver and partner boards under MLS® Reciprocity. Deemed reliable but not guaranteed accurate. Mortgage figures are estimates for comparison only, not financial advice. MLS® and REALTOR® are trademarks of CREA.