Monthly Mortgage Payments - estimate Canada

Example data:

Downpayment = 5%
Interest/Mortgage rate = 4.5%
Private Mortgage Insurance (PMI) = 0.52%

Mortgage term = 5 years
Amortization term = 25 years

Property Tax = $3,000 per year
Property Insurance = $1500 per year


Note:
1. Mortgage, Property tax, Property insurance and PMI will increase with an increase in House Price (Mortgage Amount).
2. Figures below are for estimate and example purposes only.


Canada Home Total Monthly payment = Mortgage 
                                                                  + Property tax 
                                                                  + Property insurance
                                                                  + PMI



Home Price ---  Home Total Monthly Payment (approximate)

$300,000 --------- $2,100

$350,000 --------- $2,400

$400,000 --------- $2,700


$450,000 --------- $3,000  *** *** *** *** *** ***


$500,000 --------- $3,300

$550,000 --------- $3,600

$600,000 --------- $3,900



Observation:
For every
$50,000 increase in property price,
$300 is added to your total monthly home payment.