Payments
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.
- Find the table for the house or price you are interested in
- Find the column with your downpayment (either by Downpayment % or
Downpayment Amount)
- Then by reading down that column, you will see an estimate of each of
your expenses, ending with Total Monthly Payment, and Annual Income
Required to cover those payments.
Note that these tables are examples based on an interest rate of 6.25%
and an amortization period of 25 years. Coming soon: you will be able to
add your own customized columns to the charts.
Mississauga Bungalow: $468,000 (brief)
| Price |
468,000 |
468,000 |
468,000 |
| Downpayment Amount |
49,900 |
99,800 |
149,700 |
| Downpayment % |
10% |
20% |
30% |
| Total Monthly Payment |
3,387 |
3,019 |
2,677 |
| Annual Income Required |
127,011 |
113,228 |
100,394 |
Mississauga Bungalow: $468,000 (detailed)
| Price |
468,000 |
468,000 |
468,000 |
| Downpayment Amount |
49,900 |
99,800 |
149,700 |
| Downpayment % |
10% |
20% |
30% |
| Interest Rate |
6.25% |
6.25% |
6.25% |
| Amortization |
25 years |
25 years |
25 years |
| Mortgage |
449,100 |
399,200 |
349,300 |
| Insurance Premium |
11,228 |
4,990 |
2,620 |
| Total Mortgage |
460,328 |
404,190 |
351,920 |
| Monthly Prin. + Int. |
3,014 |
2,646 |
2,304 |
| Monthly Taxes |
373 |
373 |
373 |
| Total Monthly Payment |
3,387 |
3,019 |
2,677 |
| Annual Income Required |
127,011 |
113,228 |
100,394 |
Leaside Cape Cod: $485,000 (brief)
| Price |
485,000 |
485,000 |
485,000 |
| Downpayment Amount |
48,500 |
97,000 |
145,500 |
| Downpayment % |
10% |
20% |
30% |
| Total Monthly Payment |
3,267 |
2,910 |
2,577 |
| Annual Income Required |
122,527 |
109,131 |
96,657 |
Leaside Cape Cod: $485,000 (detailed)
| Price |
485,000 |
485,000 |
485,000 |
| Downpayment Amount |
48,500 |
97,000 |
145,500 |
| Downpayment % |
10% |
20% |
30% |
| Interest Rate |
6.25% |
6.25% |
6.25% |
| Amortization |
25 years |
25 years |
25 years |
| Mortgage |
436,500 |
388,000 |
339,500 |
| Insurance Premium |
10,913 |
4,850 |
2,546 |
| Total Mortgage |
447,413 |
392,850 |
342,046 |
| Monthly Prin. + Int. |
2,929 |
2,572 |
2,240 |
| Monthly Taxes |
338 |
338 |
338 |
| Total Monthly Payment |
3,267 |
2,910 |
2,578 |
| Annual Income Required |
122,527 |
109,131 |
96,657 |
Don Mills Bungalow: $290,000
| Price |
290,000 |
290,000 |
290,000 |
| Downpayment Amount |
14,500 |
29,000 |
72,500 |
| Downpayment % |
5% |
10% |
25% |
| Interest Rate |
6.25% |
6.25% |
6.25% |
| Amortization |
25 years |
25 years |
25 years |
| Mortgage |
275,500 |
261,000 |
217,500 |
| Insurance Premium |
6,888 |
6,525 |
1,631 |
| Total Mortgage |
282,388 |
267,525 |
219,131 |
| Monthly Prin. + Int. |
1,849 |
1,752 |
1,435 |
| Monthly Taxes |
246 |
246 |
246 |
| Total Monthly Payment |
2,095 |
1,998 |
1,681 |
| Annual Income Required |
78,559 |
74,910 |
63,028 |
Mississauga Bungalow: $290,000
| Price |
290,000 |
290,000 |
290,000 |
| Downpayment Amount |
14,500 |
29,000 |
72,500 |
| Downpayment % |
5% |
10% |
25% |
| Interest Rate |
6.25% |
6.25% |
6.25% |
| Amortization |
25 years |
25 years |
25 years |
| Mortgage |
275,405 |
260,910 |
217,425 |
| Insurance Premium |
6,885 |
6,523 |
1,631 |
| Total Mortgage |
282,290 |
267,433 |
219,056 |
| Monthly Prin. + Int. |
1,848 |
1,751 |
1,434 |
| Monthly Taxes |
218 |
218 |
218 |
| Total Monthly Payment |
2,066 |
1,969 |
1,652 |
| Annual Income Required |
77,482 |
73,834 |
61,956 |
Leaside Two Bedroom Condo: $243,000
| Price |
243,000 |
243,000 |
243,000 |
| Downpayment Amount |
12,150 |
24,300 |
60,750 |
| Downpayment % |
5% |
10% |
25% |
| Interest Rate |
6.25% |
6.25% |
6.25% |
| Amortization |
25 years |
25 years |
25 years |
| Mortgage |
230,850 |
218,700 |
182,250 |
| Insurance Premium |
5,771 |
5,468 |
1,367 |
| Total Mortgage |
236,621 |
224,168 |
183,617 |
| Monthly Prin. + Int. |
1,549 |
1,468 |
1,202 |
| Monthly Taxes |
193 |
193 |
193 |
| Total Monthly Payment |
1,742 |
1,661 |
1,395 |
| Annual Income Required |
65,335 |
62,277 |
52,321 |
Leaside One Bedroom Condo: $185,000
| Price |
185,000 |
185,000 |
185,000 |
| Downpayment Amount |
9,250 |
18,500 |
46,250 |
| Downpayment % |
5% |
10% |
25% |
| Interest Rate |
6.25% |
6.25% |
6.25% |
| Amortization |
25 years |
25 years |
25 years |
| Mortgage |
175,750 |
166,500 |
138,750 |
| Insurance Premium |
4,394 |
4,163 |
1,041 |
| Total Mortgage |
180,144 |
170,663 |
139,791 |
| Monthly Prin. + Int. |
1,179 |
1,117 |
915 |
| Monthly Taxes |
150 |
150 |
150 |
| Total Monthly Payment |
1,329 |
1,267 |
1,065 |
| Annual Income Required |
49,855 |
47,527 |
39,948 |
Cottage in the Parry Sound Area: $87,000
| Price |
87,000 |
87,000 |
87,000 |
| Downpayment Amount |
4,350 |
8,700 |
21,750 |
| Downpayment % |
5% |
10% |
25% |
| Interest Rate |
6.25% |
6.25% |
6.25% |
| Amortization |
25 years |
25 years |
25 years |
| Mortgage |
82,650 |
78,300 |
65,250 |
| Insurance Premium |
2,066 |
1,958 |
489 |
| Total Mortgage |
84,716 |
80,258 |
65,739 |
| Monthly Prin. + Int. |
555 |
525 |
430 |
| Monthly Taxes |
40 |
40 |
40 |
| Total Monthly Payment |
595 |
565 |
470 |
| Annual Income Required |
22,300 |
21,205 |
17,641 |
