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Canadian Mortgage Comparison: 25, 30, 35 year amortization
Mortgage Insurers have launched 30 and 35 year amortization 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%
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.
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