New Interest rates | What’s your monthly mortgage payment now? | September 2022

After another recent interest rate increase from the Bank of Canada, we wanted to show you in exact numbers what your monthly mortgage will be now vs. what you would have been paying previously.

$500,000

• Old Fixed Rate: 4.39% - $2,562
• New Fixed Rate: 5.24% - $2,740

DIFFERENCE per month = $178

$600,000

• Old Fixed Rate: 4.64% - $3,075
• New Fixed Rate: 5.24% - $3,288

DIFFERENCE per month = $213

$700,000

• Old Fixed Rate: 4.64% - $3,587
• New Fixed Rate: 5.24% - $3,836

DIFFERENCE per month = $249

$800,000

• Old Fixed Rate: 4.64% - $4,099
• New Fixed Rate: 5.24% - $4,384

DIFFERENCE per month = $285

$900,000

• Old Fixed Rate: 4.64% - $4,611
• New Fixed Rate: 5.24% - $4,932

DIFFERENCE per month = $321

While rates have gone up, overall purchase prices in many areas are down compared to the beginning of 2022 so this does help to offset the higher borrowing costs somewhat.

Do you have questions about how these interest rates affect your purchase?

Feel free to message me on Instagram @TorontoRealEstate.ca !

Rylie C.