You are interested in purchasing a condominium for $520,000. You are not a first-time homebuyer and do not qualify for CMHC mortgage insurance that allows a 5% down payment. The bank has offered you a 5-year fixed mortgage rate of 3.15%. You have been approved by the bank for a 25-year mortgage. What is your monthly mortgage payment for a loan to value ratio of 80%? The mortgage is compounded semi-annually.

$916

None of the options listed

$30,364

$2,001

$2,501