Your mortgage payment, plus the property tax, heating and insurance that come with a Nova Scotia home.
Monthly payment
$2,311.05
On a $417,555 mortgage at 4.5%
The mortgage
$
%
$45,000 · minimum for this price is $22,500%
Use your quoted rateAmortization
Payment frequency
TermHow long the rate is locked in
Monthly home costs
$
Check the listing$
Ask for a year of bills$
Get a quote$
Monthly cost of the home
Mortgage
$2,311Property tax
$333Heating
$175Home insurance
$125Total per monthBefore electricity, water and upkeep
$2,944Your mortgage
Down payment
$45,000CMHC insurance premium3.1% of the loan, added to the mortgage
$12,555Total mortgage
$417,555Over your 5-year term
Interest paid
$87,706Principal paid
$50,957Balance at renewal
$366,598Over the whole mortgage
Total interestIf the rate never changed
$275,761Paid off in
25.0 yearsHow it works
- Payments use semi-annual compounding, the standard for Canadian fixed-rate mortgages.
- Accelerated bi-weekly and weekly payments are your monthly payment split in two or four, which pays the mortgage off years sooner.
- With less than 20% down, the CMHC premium is added to the mortgage.
- Balance at renewal assumes the rate stays the same for the whole term. Total interest assumes it never changes, which it will, so treat it as a guide.
Sources
CMHC: Mortgage loan insurance premiumsEstimates only, not a quote or financial advice. Payments use Canadian semi-annual compounding for fixed-rate mortgages and assume the rate stays the same.