You recently purchased a condo in Vancouver and the purchase price is $800,000 A down payment of 20% of the purchase price was made, and you have took a mortgage for the remaining amount from your bank. The bank offered a mortgage at 2.50% APR semi annual compounding at S years fixed rate term. The mortgage requires monthly payment with 30 years of amortization

What is the monthly mortgage amount?

1. Let's say, you can manare to extend the mortgage for another 5 years fixed rate term with the same rate and the same monthly payment and sell the property after 10 years for $900.000, What would be the total interest you would have paid the bank over 10 years?
2. 
   
3. Your friend said ' would always get a mortgage with the lowest interest rate With that, I am getting the best deal do you agree or disagree ?

Answer rating: 100% (QA)

To calculate the monthly mortgage amount we first need to determine the loan amount which is 80 of the purchase price Loan amount Purchase price Down ... View the full answer