Simulation of expenses related to the purchase of a $400,000 property

Felix Bilodeau-Bergeron

Mortgage Broker

Language(s):
French
English

For those looking to find out the costs related to buying a property, here is an example:

Scenario: $400,000 home with a 5% down payment

Standard rate:

95% financing: 4.00%
90% financing: 3.10%
85% financing: 2.80%
80% financing: 2.40%
75% financing: 1.70%
65% financing: 0.60%

$400,000 - $20,000 = $380,000
Insurance premium of 4.00%: $15,200 (+ 9% tax payable to the notary)
$380,000 + $15,200 = loan of $395,200

Based on a 5-year fixed rate of 6.00*%
Amortized over 25 years
Standard monthly payment: $2,528.52/month

*average rate on September 2023

Municipal and school taxes: +/- $4,500
Welcome tax (transfer fees): $4,343.00
Notary fees: +/- $1,900
Potential adjustments (condo fees, taxes, oil, etc.)
Title insurance: $200 to $400
9% tax on insurance premium: $1,368.00

Heating: +/- $250/month
Home insurance: $50 to $150/month
Life/disability/critical illness insurance: $50 to $100/month
Condo fees: +/- $150/month
General upkeep: +/- $200/month

Home inspection: +/- $500 to $600
Moving: +/- $1,500
Updating: to be determined

Mortgage payment: $2,528.52
Taxes: $375.00
Heating: $250.00
Home insurance: $75.00
General upkeep: $200.00
Life/disability insurance, etc.: $75.00
Condo fees: $150.00
Total: $3,653.52

Down payment: $20,000
Tax on insurance premium: $1,368.00
Notary fees: $1,900
Transfer fees: $4,343.00
Moving: $1,500
Home inspection: $550
Other: $ _____
Total: $29,661

Are you wondering if you qualify for a mortgage loan? Contact us to analyse your situation and find out the best options for you (rate, conditions, etc.).


*source : http://www.calculconversion.com/calcul-taxe-de-bienvenue-mutation.html

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TERMS	BANKS	MORTGAGE PLANNERS
1 Year Fixed	7.14%	4.89%
2 Years Fixed	6.69%	4.24%
3 Years Fixed	6.35%	3.89%
3 year closed Variable	6.35%	4.45%
4 Years Fixed	6.29%	3.94%
5 Years Fixed	6.34%	3.99%
5 years Variable	5.40%	3.70%
Refinance Fixed or variable	8.15%	3.95%
7 Years Fixed	6.69%	4.59%
10 Years Fixed	7.14%	5.04%
HELOC	5.70%	4.95%

TERMS

BANKS

MORTGAGE PLANNERS

1 Year Fixed

7.14%

4.89%

2 Years Fixed

6.69%

4.24%

3 Years Fixed

6.35%

3.89%

3 year closed Variable

6.35%

4.45%

4 Years Fixed

6.29%

3.94%

5 Years Fixed

6.34%

3.99%

5 years Variable

5.40%

3.70%

Refinance Fixed or variable

8.15%

3.95%

7 Years Fixed

6.69%

4.59%

10 Years Fixed

7.14%

5.04%

HELOC

5.70%

4.95%

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Simulation of expenses related to the purchase of a $400,000 property

Scenario: $400,000 home with a 5% down payment Standard rate:

95% financing: 4.00%

90% financing: 3.10%

85% financing: 2.80%

80% financing: 2.40%

75% financing: 1.70%

65% financing: 0.60%

$400,000 - $20,000 = $380,000

Insurance premium of 4.00%: $15,200 (+ 9% tax payable to the notary)

$380,000 + $15,200 = loan of $395,200

Based on a 5-year fixed rate of 6.00*%

Amortized over 25 years

Standard monthly payment: $2,528.52/month*average rate on September 2023

Municipal and school taxes: +/- $4,500

Welcome tax (transfer fees): $4,343.00

Notary fees: +/- $1,900

Potential adjustments (condo fees, taxes, oil, etc.)

Title insurance: $200 to $400

9% tax on insurance premium: $1,368.00

Heating: +/- $250/month

Home insurance: $50 to $150/month

Life/disability/critical illness insurance: $50 to $100/month

Condo fees: +/- $150/month

General upkeep: +/- $200/month

Home inspection: +/- $500 to $600

Moving: +/- $1,500

Updating: to be determined

Mortgage payment: $2,528.52

Taxes: $375.00

Heating: $250.00

Home insurance: $75.00

General upkeep: $200.00

Life/disability insurance, etc.: $75.00

Condo fees: $150.00

Total: $3,653.52

Down payment: $20,000

Tax on insurance premium: $1,368.00

Notary fees: $1,900

Transfer fees: $4,343.00

Moving: $1,500

Home inspection: $550

Other: $ _____

Total: $29,661

Are you wondering if you qualify for a mortgage loan? Contact us to analyse your situation and find out the best options for you (rate, conditions, etc.).

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RATES OF

2025-10-31 00:00:00

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Scenario: $400,000 home with a 5% down payment

Standard rate:

Standard monthly payment: $2,528.52/month

*average rate on September 2023