Domenic Gallippi
Mortgage Agent Level 1 - M23007938
domenic@bettermortgagesbydom.ca
Tel: 416-801-6616 | Cell: 416-801-6616
$750K Purchase price
5.2% interest rate
$150,000 Down Payment (20%)
Mortgage Size: $600,000
Mortgage Payment: $3275/mnth
Interest Paid (over 30yrs): $148,541
$825K Purchase price (projected due to pent-up market demand)
4.5% interest rate (assumed based on anticipated Bank of Canada rate reductions)
$165,000 Down Payment (20%)
Mortgage Size: $660,000
Mortgage Payment: $3328/mnth
Interest Paid (over 30 yrs): $140,931
In this example, if you WAIT for 1 year you will save a projected $7610 in interest over the course of 30 years
You will need to save for a $15,000 larger down payment if you wait
You will need to continue to make rental payments (if you are currently renting) @ ~$2600 x 12 = $31,200
It’s better to get into the market now if you’re ready and not wait for rates to fall!
Ready to discuss your home ownership goals and a Better Mortgage by Dom?
Call/text: 416 801-6616. Email: Domenic@BetterMortgagesByDom.ca
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