Mortgage issues: How should I split a mortgage/expenses with my partner?

Hi all!

My boyfriend and I are in the process of buying a one-bedroom condo together in Vancouver, B.C. We already have a place in mind that is roughly $465,000.

We are thinking of putting down $95,000 altogether for our down payment – $80,000 of which will be coming from me and $15,000 from him. We both make the same amount ($50,000) per year; however, I am able to put down more towards the monthly mortgage payments ($1,600/month between the two of us) since he has other payments (eg. car) to take care of. We are planning on tying the knot and having kids in the future, but I also realize that things don’t always work out!

My questions are:

  • What would be the most equitable way to go about splitting the mortgage/our finances (considering that things might not pan out)? How would we calculate how much equity we have, and divide it, if we were to break up and go our separate ways?

  • Should we be splitting the strata fees, utilities, property tax, etc. equally (50%-50%), or do I play a bigger percentage?

  • Since I don’t have extra payments to make per month, should I contribute more towards our monthly mortgage payments (eg. he pays $800 while I pay $1,300) so we can pay off our mortgage faster, OR keep our monthly payments the same ($800 each) to avoid complicating the situation (since I will be increasing my ownership share in the property if I were to put in more monthly mortgage payments)?

  • Is it a good idea to open a joint account for our monthly mortgage payments? Not sure how most people go about sharing a mortgage.

Would love to know how you guys split expenses with a partner/spouse/friend, or if you have any suggestions for us! 🙂

Thank you!

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