Interest Rate Armageddon!!

The media is good at creating news out of very little!  Last month, when the bank of Canada decided to raise the rates for the first time in 7 years and signaled the possibility of another raise this fall, I received a fair amount of questions about how this would be impacting people's bottom line...see for yourself...much ado about nothing! 

*** #'s are based on 2.2% going to 2.45%

.25% Increase with a 30 Year Amortization Mortgage

$100,000 + $12/month 
$250,000 + $30/month 
$500,000 + $60/month 
$750,000 + $90/month 

.25% Increase with a 25 Year Amortization Mortgage

$100,000 + $13/month
$250,000 + $32/month
$500,000 + $65/month
$750,000 + $98/month

.25% Increase with a Line of Credit

$100,000 + $21/month
$250,000 + $52/month 
$500,000 + $104/month
$750,000 + $156/month