A mortgage is often a necessary part of buying a home, but it can be challenging to understand what you can afford. This calculator can help you estimate mortgage payment options based on the purchase price. To help you get started, we entered the average price of homes listed on the North Bay real estate market.
Purchase Price | $646,839 |
The purchase price dictates how much to borrow. Enter the price of the home you are interested in buying to determine your estimate monthly payments. | |
Down Payment | $32,342 (at 5% down) |
The amount of money you pay up front to obtain a mortgage. The minimum down payment is 5% and for down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance. | |
Mortgage Insurance | $22,122 |
Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage and is applied to your mortgage amount. | |
Mortgage Amount | $636,619 |
The price of your new home, less the down payment, plus mortgage insurance, if applicable. | |
Mortgage Rate | 4.64% |
The rate of interest you will pay on the outstanding balance of your mortgage. | |
Mortgage Type | 3 Year Fixed |
The mortgage type includes the term of the mortgage, between 1 and 10 years and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals. | |
$3,449 (monthly) | |
$1,590 (biweekly) | |
$1,725 (accelerated) |
Found a house on MoveMeTo.com that you like? Use our mortgage calculator to determine a mortgage payment option and affordability with the latest mortgage rates to determine the right type of mortgage for you.
We want to help you with moving to North Bay Ontario. Contact our preferred mortgage experts to work with an agent on a personalized mortgage solution with a guaranteed low Mortgage Rate from the get-go with nesto!
As a potential buyer, an open house opens the door to help you make an informed decision about a property before making an offer.
For further benefits of visiting an Open house if you are a buyer or hosting an open house if you are a seller. Check out our questions & answers for buyers and sellers.
They allow you to preview properties in person before putting in an offer. They will enable you to gain neighbourhood insights by talking with nearby neighbours. They allow you to ask the listing agent about the current market trends for that neighbourhood and find out details such as upgrade options and needed renovations. They also allow you to feel less anxious and overwhelmed when you put in an offer.
They allow you to increase the visibility of your home and shorten its time on the market. They allow you to attract additional buyers who may be early in the home-buying process. They allow you to set your house apart from the other listings within the same price range. They also allow you to make it easier on buyers unsure if your home or neighbourhood fits their needs.
For more information on buying and selling real estate in Ontario. Check out our Buyer and Seller Guides.
At MoveMeTo.com you can personalize your search results to fit you. Narrow down quickly and efficiently the properties that you are interested in by using one of these search options.
Are you in the North Bay area right now? Click on the map to browse available properties in North Bay near your current GPS location. Personalize your distance between 2KM and 20KM to allow you to narrow in on what is available right now near you. Search Near Me Now.
Have a specific type of property in mind? Check out listings within North Bay by property type. Find condos, single-family homes, farms, waterfront properties and more with our Property Type Search.
Discover homes and condos as they get added to the real estate market by exploring MLS® listings published within the last fourteen or thirty days. Don't miss out on grabbing the best properties in North Bay.
Are you exploring your options on where to buy and not set on an exact community or neighbourhood? To expand your search for properties, check out one of these nearby communities.
Buying and selling real estate can be a long and sometimes stressful process. However, with the best REALTOR® on hand to help, you can ensure the process is much simpler to navigate. So let us help you find the best qualified REALTOR® with expert knowledge of North Bay, Ontario, to guide you through the real estate market to make buying and selling easier.
Thank you for your inquiry. A Royal LePage® agent will be in touch with you soon.