Quote:
Originally Posted by JiriHrdina
Thanks, great info.
It still does seem like you can get more home for your buck - we have looked pretty extensively in Calgary and I would say we can get the same home out in Okotoks for 10-20K less. Or get significant more square footage for what we would pay here.
|
10-20k is $50-$100 per month on a 25 year mortgage at 3.5%.
If you're going to be commuting to Calgary, and you figure it'll take you 15 extra minutes each way, the math works something like this.
(4 weeks/month)*(5 days/week)*(15 minutes/day)*(2 people)/(60 minutes/hour) = 10 hours per month of extra commuting time.
So if your gas and vehicle maintenance was free, you'd be paying yourself $5-$10 hour to commute.
Those are all just estimates, but you probably get the extra money back when you sell your place at some point, so the extra principal in the monthly payment comes back to you eventually.