Our mortgage broker sent us a couple of different finance options via e-mail and it was pretty hard to follow, so I dumped everything into an excel spreadsheet so I could understand it and share it with you.
She sent us the breakdown of monthly/bi-weekly payments based on both 25 year and 30 year amortizations as well as how the payments would look if we were on a five year fixed rate, five year variable rate, or three year fixed rate (she didn't include the rates b/c they are subject to change at this point).
Once we tell her which way we would like to go, she'll do a rate hold for us.
I showed this to Jordan this morning, which granted was pretty early in the morning - but he is more comfortable with a fixed rate, because then we always know what the payment will be. I'm including to go with a five year term, because interest rates are only going to go up from where they are.
I'm not a big fan of the 30 year amortization because the CMHC insurance is more; that said - the payments are of course lower (yes I know we would pay more interest in the long term).
And while I've been talking about monthly payments, Jordan and I would structure bi-weekly or weekly payments like everything else - but talking in monthly terms is just easier for the time being.
We would really love the opinions of anyone who has ever bought a home....what decision did you make - and do you have any tips/regrets?
One thing to keep in mind is that we don't want a mortgage payment higher then $1,500/month - this is based on a mock-up home ownership budget I did:
At $1,500 mortgage there is not a lot of wiggle room - there's also no room to save for things like fun holidays.
It potentially could also put us in a pinch if I got pregnant in the next year or two.
So....what are your thoughts?