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Mortgage Tools Glossary
A description of terms and details of parameters used
with the Canada Mortgage calculators.
DOWN PAYMENT
Conventional Financing
The conventional
mortgage calculator default percentage down payment is set to
a Loan to Value Ratio (LVR) of 75% financing for the first $350,000
of property value and 65% financing thereafter. The % downpayment
shown reflects this calculation for homes over $350,000.
To over ride this default enter your own % down Payment.
Example
|
VALUE |
LOAN |
| Purchase Price |
$500,000 |
|
| 75% of first |
$ 350,000 |
= $ 262,500 |
| 65% of next |
$ 150,000 |
= $ 97,500 |
|
| Totals |
$ 500,000 |
$ 360,000 |
| The LVR is |
$ 360,000 / $ 500,000 |
= 72 % |
|
Your lender may have slightly different conventional financing
maximums. Contact CANADA MORTGAGElink
to find out lender limits.
|
