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Last Login: 8/25/2008 8:00:35 PM
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| We wanted to look into buying a home in the Ajax, Whitby, Pickering, etc area. For aprrox $200 home (give or take), how much morgage would we be paying? We will be putting only about 5% down...if that lol Any help would be greatly appreciated!
♥♥♥Married August 26, 2006♥♥♥
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Beginner Planner
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Last Login: 8/14/2008 8:57:57 PM
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| There's calculators on bank websites that will give you a better idea. I would think around $1200-1400/month though
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Riu Ocho Rios, Jamaica - Jan 2nd, 2008
Married!! Best day of my life!! Ya Mon!! been around since '06... lost over 5500 posts
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Queen*Bee (5/29/2008)
There's calculators on bank websites that will give you a better idea. I would think around $1200-1400/month though i think it would less than that. ours cost $250 and were paying about $1500
 Can't Wait to meet my little bundle!!!!
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Our mortgage will be about 210K and our payments are like 1100
~ ~Beans~~ We did it, and it was everything I imagined it would be!
~July 19, 2008~
www.jennandrobforever.com
And baby makes 3 - April 21st 2009
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yup that sounds about right  check with the bank though...just in case
Married 19.08.06 ... Bebeh #1 03.03.08
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There are a lot of factors that will determine how much your mortgage payment will be. These include; amortization period, interest, payment frequency.
On a 25 year amortization, with bi-weekly payments, 5% down at todays BEST rate (5.15%)...you payments would be:
$ 560.66 (bi-weekly).
However, this doesn't include the cmhc premium that would be lumped on your mortgage. Basically, just over half of your 5% down payment goes back onto your mortgage because of this fee.
Anyone that puts less than 20% downpayment MUST have mortgage insurance 
Here is a link of the breakdown of the fees for cmhc!
http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_005.cfm
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Thanks for all the info!
♥♥♥Married August 26, 2006♥♥♥
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