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Here are the payments based on a 30-year amortization, 2.5% variable rate. The basic math (factoring in stress test rate), for a mortgage with a 30-year amortization, every $100 payment, equates to roughly a $25,715 mortgage.
MORTGAGE AMOUNT | WEEKLY PAYMENT |
---|---|
$150,000 | $136.43 |
$165,000 | $150.07 |
$180,000 | $163.72 |
BI-WEEKLY PAYMENT | MONTHLY PAYMENT |
---|---|
$272.93 | $591.67
|
$300.30 | $650.10
|
$327.51 | $710.01 |
For those adding a revenue generating garage suite to their new infill, some lenders use 80% of the rental income offset. Average garage suite rental rates will cover the mortgage on the suite and allow the clients to qualify for an additional $111,000 worth of mortgage (certain conditions may apply).
For those over 55 years old, using a CHIP reverse mortgage, you can increase the value of your property and generate a monthly income of $1,400. For those collecting Canada Pension Plan and Old Age Pensions, that revenue can double their monthly income.