The monthly mortgage on an average Hamilton home (about $810,000) is roughly $3,602 at a ~4.5% rate with 20% down over 25 years.
The monthly mortgage payment on an average Hamilton home ($810,000) is about $3,602 at a ~4.5% rate, 20% down, 25-year amortization. At 5.5% it rises to about $3,979. Payments move with the Bank of Canada rate. Illustrative, not a quote.
Same Hamilton home, 20% down, 25-year amortization — only the rate changes:
| Rate | Monthly payment |
|---|---|
| 4.0% | $3,420 |
| 4.5% | $3,602 |
| 5.0% | $3,788 |
| 5.5% | $3,979 |
| 6.0% | $4,175 |
Variable-rate mortgages follow the prime rate, which tracks the Bank of Canada. Fixed rates follow bond yields. Watch the live rate and the next decision. A steel-town-turned-commuter-belt market that absorbed Toronto overflow and rose fast over the last decade.
About $3,602 at ~4.5% with 20% down over 25 years (illustrative).
A bigger down payment, a longer amortization, or a lower rate all reduce the monthly payment. See how to lower your payment.