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    David Pylyp
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    This document summarizes the costs of purchasing a $400,000 home with different down payment amounts of 5%, 10%, 15%, and 20%. It outlines the down payment amount, first mortgage amount, CMHC insurance costs, total monthly costs including principal and interest payments, property taxes, and estimated annual income required to afford the home. It also provides estimates for various closing costs including property inspections, land transfer taxes, legal fees, and total closing costs.

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    This document summarizes the costs of purchasing a $400,000 home with different down payment amounts of 5%, 10%, 15%, and 20%. It outlines the down payment amount, first mortgage amount, CMHC insurance costs, total monthly costs including principal and interest payments, property taxes, and estimated annual income required to afford the home. It also provides estimates for various closing costs including property inspections, land transfer taxes, legal fees, and total closing costs.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    221 views1 page

    Any House

    Uploaded by

    David Pylyp
    This document summarizes the costs of purchasing a $400,000 home with different down payment amounts of 5%, 10%, 15%, and 20%. It outlines the down payment amount, first mortgage amount, CMHC insurance costs, total monthly costs including principal and interest payments, property taxes, and estimated annual income required to afford the home. It also provides estimates for various closing costs including property inspections, land transfer taxes, legal fees, and total closing costs.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 1

    Mortgage Payments & Closing Costs

    Home we select
    $3,000.00
    Estimated Property Taxes 2008

    Down Payment 5% 10% 15% 20%


    Purchase Price 400,000 400,000 400,000 400,000
    Down Payment 20,000 40,000 60,000 80,000
    First Mortgage 380,000 360,000 340,000 320,000
    CMHC Ins. (3.25% on 5%, 2.00% on 10% & 1.75% on 15%) 12,350 7,200 5,950
    Total Mortgage incl. CMHC 392,350 367,200 345,950
    >Monthly Payment (P&I @3.60% - 5yr/35yr amort) 1,648 1,616 1,453 1,344
    Estimated Property Taxes (Monthly) 250 250 250 250
    >Condo Maintenance Fee (if applicable) 0 0 0 0
    Total Monthly Investment (P&I +Tax + Condo Fee) 1,898 1,866 1,703 1,594
    Annual Income Required @33% GDS 69,013 67,843 61,927 57,964

    Estimated Closing Costs


    Property Inpection 350 350 350 350
    Ontario Land Transfer Tax 4,475 4,475 4,475 4,475
    Toronto Land Transfer Tax 3,752 3,752 3,752 3,752
    CMHC (PST) 988 576 476
    Legal Fee & Disbursements 1,200 1,200 1,200 1,200
    Total Estimated Closing Costs 10,765 10,353 10,253 9,777

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