I was wondering if you could answer me the following question. We are looking at a $435,000 property. The mortgage info. with the listing states that with 25% down($108,750) at a 5 year, 2.3% variable rate amortized over 25 years, the payments would be $1441 per month. Could you tell me what the payments would be with 50% down? I would appreciate your reply asap. Thanks.
I only just received the automatic email with your question - but I am noticing the date as being sent May 27th... so I apologize for the delay in getting back to you and hope that this isn't finding you too late!
In order for you to put 50% down (5 year, 2.3% variable rate, 25 year amortization) the Principal and Interest Payment would be $952.80/month. The best 5 year variable rate today is actually 2.25% which would actually make the Principal + Interest payment $947.46/month.
I'm not sure if you are aware, but in order to eliminate CMHC Insurance Fees, you now only need 20% down and not the 25% down-payment as in the past. If you were to put down 20%, your monthly payment of Principal and Interest would be $1515.93.
I hope this helps and should you have any further questions, I'd be more than happy to help. I can be reached anytime via email firstname.lastname@example.org, by cell 705-715-8973 or through my website www.705mortgages.com
Karen Fritz, Principal Broker