How much mortgage can you afford?

Here I am presenting a simple chart to illustrate how the payment goes up as the purchase price goes up.

For comparison, the down payment is fixed at 10%, mortgage interest rate is 3% and the amortization period is 25 years.

All the variables (price, down payment, interest rate, amortization period) can be altered to review your own unique situation. Contact me for more info.

 

Mortgage Payment Comparison
Price  $ 350,000.00  $  375,000.00  $ 400,000.00  $   425,000.00
Interest Rate 3% 3% 3% 3%
Down Payment  $     35,000.00  $      37,500.00  $      40,000.00  $       42,500.00
Percent Down 10% 10% 10% 10%
First Mortgage  $   315,000.00  $    337,500.00  $    360,000.00  $     382,500.00
CMHC Premium  $       6,300.00  $        6,750.00  $        7,200.00  $         7,650.00
Total Financing  $   321,000.00  $    344,250.00  $    367,000.00  $     390,150.00
Monthly Payment  $      1,520.00  $      1,629.00  $      1,737.00  $       1,846.00

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Harmel JOHAL

Harmel JOHAL

Sales Representative
CENTURY 21 Legacy Ltd., Brokerage*
Contact Me

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