Are you a first-time home buyer in Manitoba considering a home purchase around $350,000? Understanding the true cost of homeownership is essential—beyond just your down payment and mortgage rate. Let’s break it down with real numbers based on an interest rate of 4.14%.

Down Payment & Mortgage Insurance

For a $350,000 home, here’s what your minimum down payment would look like:

• 5% down: $17,500
• 10% down: $35,000
• 15% down: $52,500
• 20% down: $70,000

If you’re putting less than 20% down, you’ll need mortgage default insurance (CMHC/Sagen/CG). At 5% down, expect to pay approximately $13,300 in premiums, which will be added to your mortgage.

Your Monthly Mortgage Payment

With a 25-year amortization and a 4.14% interest rate, here’s what your monthly payments might look like:

• 5% down: ~$1,886/month
• 10% down: ~$1,796/month
• 15% down: ~$1,719/month
• 20% down: ~$1,578/month

NOTE: As of January 2025, first-time home buyers are able to qualify for a 30-yr amortization when putting less than 20% down at a cost of .2% added to the insurance premium. This will help with lowering payments.

Deposit

When writing an offer, you will be required to give a deposit with your offer, which will form part of your final downpayment. The deposit is due upfront while the remaining downpayment/closing costs required will be collected at your lawyers during your final signing appointment just before possession.

Closing Costs Breakdown

Don’t forget about closing costs! We typically budget an extra 2.5% of the purchase price on top of the downpayment required. For a $350,000 home, you’re looking at (not limited to):

• Land Transfer Tax: $4,450
• Legal Fees: $800
• Title Insurance & Disbursements: $600
• PST on CMHC Insurance: $1,064
• Interest Owed to Seller: $807
• Total: ~$7,721

Ongoing Monthly Expenses

Your budget should also include monthly costs like:

• Utilities: $350
• Property Taxes: $350
• Insurance: $175
• Internet/Cable: $150
• Life Insurance (estimate): $50
• Total (excluding mortgage): $1075/month

Ready to Start Your Home Buying Journey?

Navigating the Manitoba housing market doesn’t have to be overwhelming. As a trusted mortgage brokerage in Manitoba, we’re here to help you understand your options, get pre-approved, and find the best mortgage options and rates available.

Contact us today to book your free consultation and start budgeting smart for your dream home!