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Mortgage payment calculator
Canadian fixed-rate mortgages compound semi-annually, not monthly. Most online calculators use the American formula and overstate the payment. This one does not.
Minimum down payment
5% on the first $500,000, 10% on the portion between $500,000 and $1,500,000, and 20% on any property priced above $1,500,000.
Default insurance
Required below 20% down. The premium is a percentage of the loan set by loan-to-value: 4.00% above 90%, 3.10% above 85%, 2.80% above 80%. It is added to the mortgage.
What is not included
Property tax, condo fees, home insurance, utilities, land transfer tax and closing costs. Budget for those separately.
Results are estimates only and are not a mortgage approval, a rate offer or a commitment to lend. Rates and product availability change without notice and all lending is on approved credit. For a figure you can rely on, call 647-505-1096.
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