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Required Information Estimated Monthly Expenses
Mortgage Rate : Property Tax : /month
Down Payment : Condominium Fees : /month
Gross Monthly Income : Debt Payments : /month
  see chart below
 
      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.
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