What will my payment be?
Your monthly cost, plus the stress test you must qualify at.
Your mortgage
Property price$650,000
Down payment$50,000 (7.7%)
Minimum for this price: $40,000
Interest rate5.00%
Amortization25 years
First-time buyer or new build
Ontario PST of $1,920 on the premium is paid in cash at closing.
Monthly payment
$3,629.22
At 5.00% over 25 years
Stress-tested payment$4,370.59
Stress test rate7.00%
Base mortgage$600,000
Total loan$624,000
Amortization used25 years
Total interest (est.)$464,766
Total cost$1,088,766
Principal vs interest
Principal
Interest
Estimates only. Not a commitment to lend.