Based on your $4,000 Monthly Income and these Down Payment options :
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|
5 % is 3 yr mode of Current 3 Year Rates - 5 % down at 5.24 %
|
% Down Payment |
25% |
20% |
15% |
10% |
5% |
Down Payment |
$66,196 |
$49,034 |
$34,357 |
$21,527 |
$9,841 |
Mortgage |
$198,588 |
$196,136 |
$194,694 |
$193,744 |
$186,993 |
|
|
Max Home Price |
$264,784 |
$245,170 |
$229,051 |
$215,271 |
$196,834 |
|
|
CMHC Insurance Fee |
$0 |
$2,451 |
$3,893 |
$4,843 |
$7,012 |
Total Mortgage |
$198,588 |
$198,588 |
$198,588 |
$198,588 |
$194,006 |
|
|
Monthly Mtg Pmts |
$1,155 |
$1,155 |
$1,155 |
$1,155 |
$1,155 |
TOTAL Monthly Pmts |
$1,280 |
$1,280 |
$1,280 |
$1,280 |
$1,280 |
|
|
Amount of DOWN PAYMENT, INCOME make a difference |
High Ratio - 5.00 % Down Payment
|
Max Home Price $200,000
|
Your $10,000 Down Payment and your
Gross Monthly Income of $4,000 results in a Maximum Home Price
of $200,000 using 95.00 % High Ratio Financing.
Your first mortgage of $190,000 plus the 3.25 %
mortgage insurance fee of $6,175 results in a total mortgage
of $196,175. Your monthly mortgage payments will be $1,168.
|
|
With Conventional ( 75.00 %) Financing
|
Max Home Price $40,000
|
Under conventional financing criteria, based on a $10,000 (25%) Down Payment and Gross Monthly Income of $4,000,
the Maximum Home Price is $40,000. Your
mortgage will be $30,000 with monthly payments of $174. The maximum is often limited by a small down payment. High Ratio financing may be required.
|
NOTE : The maximum house price limits for the 5%
downpayment program (less than 10% down) are $300,000 in greater Toronto, Vancouver, and Victoria - $175,000 to $250,000 in suburbs and in other centres where average
house prices tend to be high - and $125,000 everywhere else in Canada.
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Figures are rounded to nearest dollar.
The above information is for illustrative purposes only. We
cannot guarantee its accuracy. Please contact your
financial advisor for more specific information.
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