You paid $250 750 for a house five years ago that listed for $265 000. You...

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You paid $250 750 for a house five years ago that listed for $265 000. You have $232 580 still owing on your mortgage. How much equity do you have in the house? [2 marks] You're interested in a house listed at $213 000. You plan to put down 10% as a down payment. a) Legal fees and taxes add $2 300 to the closing costs. How much are the closing costs? [3 marks] b) Find the CMHC if it is 2% of the loan. [2 marks] c) Determine the mortgage amount and the monthly payment if it is amortized over 30 years at 5.35% interest. [5 marks] You paid $250 750 for a house five years ago that listed for $265 000. You have $232 580 still owing on your mortgage. How much equity do you have in the house? [2 marks] You're interested in a house listed at $213 000. You plan to put down 10% as a down payment. a) Legal fees and taxes add $2 300 to the closing costs. How much are the closing costs? [3 marks] b) Find the CMHC if it is 2% of the loan. [2 marks] c) Determine the mortgage amount and the monthly payment if it is amortized over 30 years at 5.35% interest. [5 marks]

Answer rating: 100% (QA)

Introduction In this scenario we are dealing with real estate transactions and mortgage calculations The first part involves calculating the equity in ... View the full answer