The monthly mortgage on an average London home (about $630,000) is roughly $2,801 at a ~4.5% rate with 20% down over 25 years.
The monthly mortgage payment on an average London home ($630,000) is about $2,801 at a ~4.5% rate, 20% down, 25-year amortization. At 5.5% it rises to about $3,095. Payments move with the Bank of Canada rate. Illustrative, not a quote.
Same London home, 20% down, 25-year amortization — only the rate changes:
| Rate | Monthly payment |
|---|---|
| 4.0% | $2,660 |
| 4.5% | $2,801 |
| 5.0% | $2,946 |
| 5.5% | $3,095 |
| 6.0% | $3,247 |
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 southwestern-Ontario value market that drew remote workers priced out of the GTA.
About $2,801 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.