|
Mortgage Amount: |
$250,000.00 |
Payments Displayed: |
1 - 60 |
|
Interest Rate: |
4.700% |
Payment Frequency: |
Monthly |
|
Initial Amortization Period: |
25 Years, 0 Months |
Initial Payment: |
$1,411.61 |
|
Period |
Total Paid |
Interest |
Principal |
Balance |
|
Year 1 |
1 - 12 |
$16,939.32 |
$11,521.97 |
$5,417.35 |
$244,582.65 |
|
Year 2 |
13 - 24 |
$16,939.32 |
$11,264.36 |
$5,674.96 |
$238,907.69 |
|
Year 3 |
25 - 36 |
$16,939.32 |
$10,994.51 |
$5,944.81 |
$232,962.88 |
|
Year 4 |
37 - 48 |
$16,939.32 |
$10,711.82 |
$6,227.50 |
$226,735.38 |
|
Year 5 |
49 - 60 |
$16,939.32 |
$10,415.69 |
$6,523.63 |
$220,211.75 |
|
|
|
Totals: |
$84,696.60 |
$54,908.35 |
$29,788.25 |
|
$84,695 .60 - $55,452.60 – $654.80 balance
= $28589.20 saving or 2 Yr amortizations
Payment from 5.6% 3 yr Capped variable 3.75%
|
Mortgage Amount: |
$250,000.00 |
Payments Displayed: |
1 - 36 |
|
Interest Rate: |
3.750% |
Payment Frequency: |
Monthly |
|
Initial Amortization Period: |
18 Years, 10 Months |
Initial Payment: |
$1,540.35 |
|
Period |
Total Paid |
Interest |
Principal |
Balance |
|
Year 1 |
1 - 12 |
$18,484.20 |
$9,144.38 |
$9,339.82 |
$240,660.18 |
|
Year 2 |
13 - 24 |
$18,484.20 |
$8,790.83 |
$9,693.37 |
$230,966.81 |
|
Year 3 |
25 - 36 |
$18,484.20 |
$8,423.94 |
$10,060.26 |
$220,906.55 |
|
|
|
Totals: |
$55,452.60 |
$26,359.15 |
$29,093.45 |
|
|
|
5.6 % prime rate – 3.75 % variable rate count principal & interest = 1.85 % extra payment saving |
|
|
Golden Gate Mortgages Corp.
Tom Stolecki Mortgage Consultant
7163 Harding Cres, Mississauga, ON, L5N 5P5
Tel.(416) 873-6660
Office (905) 785-1107 Fax (905) 785-3675 Click to apply
mail:
tom@mortgage416.com
|
|
