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Mélanie Pépin

Mélanie Pépin

Mortgage Broker

Language(s):
French
English

mpepin@planipret.com
(514) 688-5879
(866) 688-2005

1427 rue Fleury Est
Montréal, QC
H2B 2N8

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

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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RATES OF

2024-03-28 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.94% 7.55%
1 Year Fixed 7.89% 6.79%
2 Years Fixed 7.49% 6.14%
3 Years Fixed 7.14% 5.09%
4 Years Fixed 6.99% 4.94%
5 Years Fixed 6.84% 4.79%
5 years Variable 7.65% 6.25%
Refinance Fixed or variable 10.40% 5.09%
3 year closed Variable 8.60% 7.20%
7 Years Fixed 7.10% 4.94%
10 Years Fixed 7.49% 5.79%
HELOC 8.20% 7.70%

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