What would it Cost to own?

With now being such a perfect time to purchase a home in Calgary I thought it might be helpful to give an example of the costs and down payment required to get your foot on the property ladder. Current low interest rates and the large inventory of condos on the Calgary market mean there's tremendous opportunity to get into your first home and stop paying rent.

 

This example shows the costs and what your on-going payments would be if you purchased a $349,000 home in Calgary, AB. 

 

Purchase price of $ 349,000

Condo fees of $65.00 / month

Amortization: 30 years

Term: 5 Years

Interest Rate:3.74% (APR 3.74%)

 

Down Payment                                        5%                     10%                   15%                        20%

 

Down Payment                                 $17,495                $34,990               $52,485                  $69,980

Mortgage                                        $332,405              $314,910             $297,415                $279,920

Default insurance premium                  2.95%                   2.20%                  1.95%                    0.00%

Default insurance premium                $9,806                   $6,928                 $5,800                        $0

 

Total Financing                               $342,211              $321,838             $303,215               $279,920

 

Principal & Interest                              $1,532                   $1,483                 $1,398                  $1,290

Heating Costs( Estimated)                       $100                      $100                    $100                     $100

Condo Fees                                              $65                        $65                      $65                       $65

 

Property Taxes (Estimated)                      $117                      $117                   $117                     $117

Total Monthly Payment                        $1,814                   $1,765                $1,679                  $1,572

 

Estimated Closing Costs                                               Payable on or before closing

Legal Fees ( approximate: including disbursement & fees)            $2,000

 

 

This chart is for Illustration purposes only. Interst rates are effective as of November 18, 2011

Rates change without notice. Interest is calculated semi-annually, not in advance.

 

This chart shows that it might be easier than you think. The Default Insurance Premium is the insurance that the bank requires when you put less than a 20% down payment. You've probably heard of CMHC or Genworth, these are two companies in Canada that provide this mortgage default insurance.

 

Please contact me today and we can get you on the path to home ownership. I have a team of experts that include home inspectors, mortgage brokers and real estate lawyers who will help make your Calgary real estate buying experience a great one.