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Monthly payments and income required, based on purchase
price and downpayment
The following tables will show you what your monthly payments would be, and the income required, based on your purchase price and downpayment.
Note that these tables are examples based on an interest rate of 7.00% and an amortization period of 25 years. Coming soon: you will be able to add your own customized columns to the charts. There may be other expenses not covered in this example, such as common fees for condominiums.
Niagara-on-the-Lake Bungalow: $187,000 (brief)
| Price | 187,000 | 187,000 | 187,000 |
|---|---|---|---|
| Downpayment Amount | 9,350 | 18,700 | 46,750 |
| Downpayment % | 5% | 10% | 25% |
| Total Monthly Payment | 1,427 | 1,360 | 1,141 |
| Annual Income Required | 53,502 | 50,985 | 42,789 |
Niagara-on-the-Lake Bungalow: $187,000 (detailed)
| Price | 187,000 | 187,000 | 187,000 |
|---|---|---|---|
| Downpayment Amount | 9,350 | 18,700 | 46,750 |
| Downpayment % | 5% | 10% | 25% |
| Interest Rate | 7.00% | 7.00% | 7.00% |
| Amortization | 25 years | 25 years | 25 years |
| Mortgage | 177,650 | 168,300 | 140,250 |
| Insurance Premium | 4,441 | 4,208 | 1,052 |
| Total Mortgage | 182,091 | 172,508 | 141,302 |
| Monthly Prin. + Int. | 1,275 | 1,208 | 990 |
| Monthly Taxes | 151 | 151 | 151 |
| Total Monthly Payment | 1,427 | 1,360 | 1,141 |
| Annual Income Required | 53,502 | 50,985 | 42,789 |