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Mortgage Insurers have launched 30- and 35-year Amortization period mortgages. This will enable buyers to keep monthly costs affordable and increase housing choices available to them, even as interest rates and home prices rise.  A longer Amortization period also allows homebuyers to qualify for a higher mortgage amount, thereby providing more choice in the type of home they purchase.

In the following two charts you can see what a difference the amortization period can make in terms of how much your monthly payment can vary.

Loan-to-Value

25 Year
Amortization

30 Year
Amortization

35 Year
Amortization
90.01% - 95% 2.75% 2.95% 3.15%
85.01% - 90% 2.00% 2.20 % 2.40%
80.01% - 85% 1.75% 1.95% 2.15%
75.01% - 80% 1.00% 1.20% 1.40%

 

Product Home Value   25 Year   30 Year   35 Year
Price: $300,000   5% (int. rate)   5% (int. rate)   5% (int. rate)
Downpayment:
  $15,000.00   $15,000.00   $15,000.00
Mortgage:
  $285,000.00   $285,000.00   $285,000.00
Insurance Premium:
  $7,837.50   $8,407.50   $8,977.50
Total Mortgage:
  $292,837.50   $293,407.50   $293,977.50
Monthly Mortgage Payment*:
  $1,745.07   $1,609.95   $1,520.14

Based on interest rate of 5.25%

 

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Have a mortgage question?

The number of mortgage financing products available to Canadians has expanded rapidly over the past few years. Call to find out which financing option is best suited to your circumstances.

MyMortgage.ca - Calgary Mortgage Broker
Phone us toll-free @ 1-866-509-1090 for more information.