Calculate Your Mortgage Payment
Don’t forget to calculate your mortgage insurance premium to ensure you get an accurate monthly payment amount.
Did you know that if you are putting down less than 20% for your house you are required to pay CMHC (Canadian Mortgage and Housing Corporation). This insurance premium is due up front.
Go here to find out what your CMHC payment be and add it to your loan amount above in order to get an accurate number for your monthly payment.
For instance, if you were getting a $400, 000 mortgage and you put 5% down ($20,000), your net mortgage is $280 000. That is not what you end up borrowing because the CMHC payment $393,680, a difference $13, 680 .
To find out more about CMHC insurance payments and why you have to pay them if you have less than 20% down, go here.