Simulation of expenses related to the purchase of a $400,000 property

Fabrice Mesnagé

Mortgage Broker

Language(s):
French
English
Spanish

For those looking to find out the costs related to buying a property, here is an example:

Scenario: $400,000 home with a 5% down payment

Standard rate:

95% financing: 4.00%
90% financing: 3.10%
85% financing: 2.80%
80% financing: 2.40%
75% financing: 1.70%
65% financing: 0.60%

$400,000 - $20,000 = $380,000
Insurance premium of 4.00%: $15,200 (+ 9% tax payable to the notary)
$380,000 + $15,200 = loan of $395,200

Based on a 5-year fixed rate of 6.00*%
Amortized over 25 years
Standard monthly payment: $2,528.52/month

*average rate on September 2023

Municipal and school taxes: +/- $4,500
Welcome tax (transfer fees): $4,343.00
Notary fees: +/- $1,900
Potential adjustments (condo fees, taxes, oil, etc.)
Title insurance: $200 to $400
9% tax on insurance premium: $1,368.00

Heating: +/- $250/month
Home insurance: $50 to $150/month
Life/disability/critical illness insurance: $50 to $100/month
Condo fees: +/- $150/month
General upkeep: +/- $200/month

Home inspection: +/- $500 to $600
Moving: +/- $1,500
Updating: to be determined

Mortgage payment: $2,528.52
Taxes: $375.00
Heating: $250.00
Home insurance: $75.00
General upkeep: $200.00
Life/disability insurance, etc.: $75.00
Condo fees: $150.00
Total: $3,653.52

Down payment: $20,000
Tax on insurance premium: $1,368.00
Notary fees: $1,900
Transfer fees: $4,343.00
Moving: $1,500
Home inspection: $550
Other: $ _____
Total: $29,661

Are you wondering if you qualify for a mortgage loan? Contact us to analyse your situation and find out the best options for you (rate, conditions, etc.).


*source : http://www.calculconversion.com/calcul-taxe-de-bienvenue-mutation.html

The content of this website is protected by copyright which is the exclusive property of Mortgage Planners – Mortgage Agency .

TERMS	BANKS	MORTGAGE PLANNERS
6 months Fixed	7.85%	7.50%
1 Year Fixed	7.74%	5.84%
2 Years Fixed	7.34%	5.54%
3 Years Fixed	6.94%	4.34%
3 year closed Variable	7.35%	5.95%
4 Years Fixed	6.74%	4.29%
5 Years Fixed	6.79%	4.24%
5 years Variable	6.45%	4.90%
Refinance Fixed or variable	9.15%	4.34%
7 Years Fixed	7.10%	4.44%
10 Years Fixed	7.25%	5.09%
HELOC	6.95%	6.45%

TERMS

BANKS

MORTGAGE PLANNERS

6 months Fixed

7.85%

7.50%

1 Year Fixed

7.74%

5.84%

2 Years Fixed

7.34%

5.54%

3 Years Fixed

6.94%

4.34%

3 year closed Variable

7.35%

5.95%

4 Years Fixed

6.74%

4.29%

5 Years Fixed

6.79%

4.24%

5 years Variable

6.45%

4.90%

Refinance Fixed or variable

9.15%

4.34%

7 Years Fixed

7.10%

4.44%

10 Years Fixed

7.25%

5.09%

HELOC

6.95%

6.45%

Our Tip of the week, and/or

Our Monthly summary of our tips, and/or

2-4 emails a year on major changes in the field, and/or

Renewal; 3 emails 8 months, 6 months, 3 months before the end of your mortgage loan, and/or

Tips and tricks for buyers; sequence of 24 emails over 24 weeks

In addition to receiving the information, you will have access to our calculators, our rates and our contact information.

Let us orchestrate the details of your mortgage!

Simulation of expenses related to the purchase of a $400,000 property

Scenario: $400,000 home with a 5% down payment Standard rate:

95% financing: 4.00%

90% financing: 3.10%

85% financing: 2.80%

80% financing: 2.40%

75% financing: 1.70%

65% financing: 0.60%

$400,000 - $20,000 = $380,000

Insurance premium of 4.00%: $15,200 (+ 9% tax payable to the notary)

$380,000 + $15,200 = loan of $395,200

Based on a 5-year fixed rate of 6.00*%

Amortized over 25 years

Standard monthly payment: $2,528.52/month*average rate on September 2023

Municipal and school taxes: +/- $4,500

Welcome tax (transfer fees): $4,343.00

Notary fees: +/- $1,900

Potential adjustments (condo fees, taxes, oil, etc.)

Title insurance: $200 to $400

9% tax on insurance premium: $1,368.00

Heating: +/- $250/month

Home insurance: $50 to $150/month

Life/disability/critical illness insurance: $50 to $100/month

Condo fees: +/- $150/month

General upkeep: +/- $200/month

Home inspection: +/- $500 to $600

Moving: +/- $1,500

Updating: to be determined

Mortgage payment: $2,528.52

Taxes: $375.00

Heating: $250.00

Home insurance: $75.00

General upkeep: $200.00

Life/disability insurance, etc.: $75.00

Condo fees: $150.00

Total: $3,653.52

Down payment: $20,000

Tax on insurance premium: $1,368.00

Notary fees: $1,900

Transfer fees: $4,343.00

Moving: $1,500

Home inspection: $550

Other: $ _____

Total: $29,661

Are you wondering if you qualify for a mortgage loan? Contact us to analyse your situation and find out the best options for you (rate, conditions, etc.).

Subscribe to Newsletter

RATES OF

2024-11-14 00:00:00

Sign up for our alerts and receive one of the following:

Scenario: $400,000 home with a 5% down payment

Standard rate:

Standard monthly payment: $2,528.52/month

*average rate on September 2023