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Mortgage
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Half Condo Fees
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Property Taxes
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Other Debts
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Remaining Income
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Conventional ( 75.00 %) Financing
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Based on your $10,000 Down Payment and Gross Monthly Income of $4,000,
the Maximum Home Price is $40,000 under
conventional guidelines. Your mortgage will be $30,000 with monthly payments of
$268.
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Max Home Price
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High Ratio - 7.40 % Down Payment
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Your $10,000 Down Payment and your
Gross Monthly Income of $4,000 results in a Maximum Home Price
of $135,060 using 92.60 % High Ratio Financing.
Your first mortgage of $125,060 plus the 3.25 %
mortgage insurance fee of $4,064 results in a total mortgage
of $129,124. Your monthly mortgage payments will be
$1,155.
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Based on your $4,000 MONTHLY INCOME and these DOWN PAYMENT options
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| % Down Payment |
25% |
20% |
15% |
10% |
5% |
| Down Payment |
$43,041 |
$31,882 |
$22,339 |
$13,997 |
$6,582 |
| Mortgage |
$129,124 |
$127,530 |
$126,592 |
$125,974 |
$125,059 |
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| Max Home Price |
$172,165 |
$159,412 |
$148,931 |
$139,971 |
$131,641 |
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| CMHC Insurance Fee |
$0 |
$1,275 |
$2,215 |
$2,519 |
$4,064 |
| Total Mortgage |
$129,124 |
$129,124 |
$129,124 |
$129,124 |
$129,124 |
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| Monthly Mtg Pmts |
$1,155 |
$1,155 |
$1,155 |
$1,155 |
$1,155 |
| TOTAL Monthly Pmts |
$1,280 |
$1,280 |
$1,280 |
$1,280 |
$1,280 |
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Figures are rounded to nearest dollar.
The above information is deemed reliable, but is not guaranteed.
Affordability
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Amortization Calculator
What will your mortgage payments be? What if you paid bi-weekly instead of monthly? What if you add to your monthly payment?
Rent vs. Buy
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Amortization Schedule
What are your interest and principal payments month by month?
Early Renewal Calculator
Is it worth renewing your mortgage early at a lower rate?
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