Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

What does the monthly payment look like on a $650K Saskatoon house?

There is no single monthly figure without knowing your rate and amortization, but the minimum down payment on a $650,000 purchase is $40,000: 5 percent on the first $500,000 and 10 percent on the remaining $150,000 under CMHC's guidelines. The down payment, the resulting loan and the rate you get drive the payment.

A $650,000 purchase sits well above Saskatoon's benchmark price of $444,700, so it is already an above-typical Saskatoon home, and mortgages in Canada compound semi-annually rather than monthly, which changes the payment math slightly from what a simple online calculator assumes.

Property tax from the City of Saskatoon, home insurance and, if your down payment is under 20 percent, a mortgage insurance premium plus PST on that premium at closing all add to the number beyond principal and interest, so the true monthly carrying cost is higher than a bare mortgage calculator shows.

A lender can run the real number once you have a rate quote, and that number is what your GDS and TDS ratios actually get tested against. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

Still have a question?

Ask Joel directly. No form, no obligation, and a real answer even when the answer is that now is not the time to sell.