Hello Anon, as of Jan 22 2011 based on the best available rates to my clients the breakdown on mortgage payments are as follows: 5yr fixed closed mortgage at 3.45% = $1,542.22 month. For the lowest variable rate closed mortgage with a rate of Prime - 0.9% = 2.1% for 3yrs term = $1,259.80 month. The mortgage amount is quite large but the payments are very low these days due to low rates and the still available 35 year amortization. The amortization rules are changing which will limit maximum amortization to 30 years for mortgages with less than 20% down payment. This is coming into effect on March 18th 2011. Please get approved before this date so you can take advantage of 35 year amortization. I hope this answers your questions but please do not hesitate to contact me at any time for more calculations and to get approved at the above rates. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec. Please Google my name to access my articles and videos on many mortgage related topics.