20% down on a $700,000 house = $140,000. Here’s the complete breakdown.
Down Payment Options
| Down Payment % | Amount | Mortgage | CMHC Insurance |
|---|---|---|---|
| 6.43% (min) | $45,000 | $655,000 | $26,200 |
| 10% | $70,000 | $630,000 | $19,530 |
| 15% | $105,000 | $595,000 | $16,660 |
| 20% | $140,000 | $560,000 | $0 |
| 25% | $175,000 | $525,000 | $0 |
Total Cash Needed at Closing
| Expense | Amount |
|---|---|
| Down payment (20%) | $140,000 |
| Land transfer tax (Ontario) | $10,475 |
| Legal fees | $2,000 |
| Home inspection | $600 |
| Title insurance | $550 |
| Moving costs | $3,500 |
| Total cash needed | $157,125 |
Land Transfer Tax by Province
On a $700,000 home:
| Province | Land Transfer Tax |
|---|---|
| Ontario | $10,475 |
| BC | $14,000 |
| Quebec | $9,250 |
| Alberta | $0 |
| Toronto (additional) | +$10,475 |
In Toronto: Total = $20,950 before rebates.
Monthly Payment Comparison
At 5.5% interest, 25-year amortization:
| Down Payment | Mortgage | Monthly Payment | Total Interest |
|---|---|---|---|
| 6.43% (min) | $681,200* | $4,212 | $582,400 |
| 10% | $649,530* | $4,015 | $554,980 |
| 20% | $560,000 | $3,422 | $466,600 |
*Includes CMHC premium.
Income Required for $700,000 Home
To qualify for a $560,000 mortgage (20% down):
- Monthly payment (5.5%): $3,422
- Property tax (~1%): $583
- Heat: $150
- Total monthly housing: $4,155
- Required income (GDS 32%): ~$156,000/year
Related Guides
Tags:
