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Your up front cost is higher when you buy with Lotly.
Buy with Lotly
$56,113
Down payment
Down payment
This is your contribution to the down payment, as per your input above. With Lotly, you can contribute as little as 5% of the property price.
$44,950
Land transfer tax
Land transfer tax
Land transfer tax is a provincial or municipal tax levied when someone purchases a property. This tax is normally calculated as a percentage of the property value.
$3,618
Other costs
Other costs
When buying a home, there are several additional costs including legal and inspection. We have included an estimate of these expenses here.
$7,500
Total
$56,113
Rent
$0
Total
$0
Your monthly payments are lower when you rent.
Buy with Lotly
$4,684
Mortgage
Mortgage
This is calculated with a fixed mortgage rate of 5.5% and an amortization of 25 years. We assume your mortgage rate does not change over time.
$4,002
Property taxes
Property tax
If you own a property in Ontario, you need to pay annual property tax.
$312
Insurance
Insurance
You will need to purchase home insurance in order to get a mortgage. This will also help you protect your home from fire, lightening, weather, theft and other potential damages.
$120
Maintenance
Maintenance
Over time, you will need to maintain things such as your exterior, appliances, heating and cooling, plumbing, security, and electrical. We assume you will spend 1% of your home's purchase price annually for maintenance.
$250
Total paid monthly
$4,684
Total paid while you live in the home
$300,113
Rent
$3,000
Rent
Rent
Average monthly rent payment.
$3,000
Total paid monthly
$3,000
Total paid while you live in the home
$252,000
Over time, you are likely to build more wealth with Lotly because you keep what you pay down on the mortgage, and the home's value increases.
Buy with Lotly
$286,558
Initial down payment
Initial down payment
This is the pay back of your initial down payment contribution.
$44,950
Equity from mortgage
Equity from mortgage pay down
The amount you borrow with your mortgage is known as the principal. Each month, part of your payment goes toward paying off that principal, or mortgage balance, and part goes toward interest on the loan. As you pay down your mortgage, you build equity in your home, and this equity is yours to keep.
$128,259
Your piece of appreciation
Home price appreciation (your portion)
This number represents your share of the home’s appreciation.
$113,304
Upfront costs
Upfront costs
This is a sum of your up front home purchase costs including the down payment, land transfer taxes, and other costs.
-$56,113
Total gain from ownership
$286,558
Rent
$141,459
Money returned to you from rent
Money returned to you from rent
Your landlord keeps all of the rent you have paid.
$0
Monthly savings
Monthly savings from lower payments
This is the difference between the cost of rent and the cost of ownership with Lotly.
$1,684
Home price appreciation
Home price appreciation
Your landlord keeps any wealth built from home price appreciation
$0
Upfront costs
Upfront costs
There are normally no upfront costs associated with renting.
$0
Total gain from renting
$141,459
Buying with Lotly could help you get $100,104 more than if you were to rent for 7 years.
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