Find out how much you can afford
You can afford a home valued at:
A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. A home purchase price of greater than $1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%.
Calculations are based on the BMO Bank of Montreal posted 5 year fixed rate with a 25 year amortization and assumes no change in the interest rate for the life of the mortgage. These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Loan applications are based on the applicable qualifying rate at time of application and subject to approval. Please do not rely solely on this information or result when making financial decisions; please visit your branch or speak to a mortgage specialist.