Home Mortgage Rates

Qualifying Rate

Current Inflation

5 Year Bond Yield

Next Bank of Canada Meeting
Mar 8th, 2012

Special conditions apply
Mortgage Rates subject to change.

What does my payment get me with today’s rates?

I was recently ask an excellent question that at the time I wasn’t able to answer. What does a payment of _______ get me for a mortgage these days with today’s rates? This is a difficult question to have an answer right off the bat because obviously rates change all the time. This is also dependent on the down payment.

For example a first home buyer buying a $200,000 condo with 5% down will incur a mortgage of $195,225 because of the insurance premium ($5,225). Furthermore, if that same buyer wanted a 35 year amortization, then the premium would be even slightly higher. Now lets look at a purchaser with 20% down, the mortgage is only $160,000 with premium. In order to answer this question and provide a nice breakdown, I had to simplify my mortgage calculation. I hope the following breakdown works for you.

Using a current fixed mortgage rate or a frozen VRM rate of 3.89%

Payment:        Mortgage with 25 yr am:        Mortgage with a 35 yr am:

$1,000               $192,500                                             $232,000

$1,500               $290,000                                             $345,000

$2,000               $385,000                                             $462,000

$2,500               $482,000                                             $576,000

$3,000               $577,000                                             $807,000

Disclaimer: Please note, the mortgage does not include any premiums, the client must have clean established credit with regular employment conditions. The 25 and 35 yr am means year and amortization. My calculations are rounded up to the nearest $10 increment.