Based on your $4,000 Monthly Income and these Down Payment options :
|
|
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.
Calculator powered by CanadaMortgage.com
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