New Rules Change Feb 15, 2016. What will the payment be on this home?

January 18, 2016 | Posted by: Jay Meakin

What would the payment be on this home when the new downpayment rules come into effect February 15, 2016?

What would it take to buy this house and make it your home? First you’ll need to qualify for a mortgage, unless you are sitting on a large cheque !! You’ll need 5% down as owner occupied purchase of the first $500,000 then 10% of the remaining amount. In the case of this home the minimum downpayment is $50,000 or 6.67%. This works out to a mortgage principle and interest payment of $3,277/month amortized over 25 years. 

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