Call Marg: 705-446-1762

For those of you in our Collingwood, Blue Mountains, Wasaga Beach, Clearview, Meaford or Grey Highlands areas who are thinking about mortgages…did you know that Canadian mortgages are calculated semi-annually, not in advance, and therefore you cannot do a straight interest calculation to come up with an accurate mortgage payment.

Here’s An Example:

If you wish to calculate a 5 year mortgage, amortized over 25 years at current rates – say 3.19%, the multiplier is $4.83 per thousand dollars of mortgage.

So a $100,000 mortgage with a 5 year term, amortized over 25 years will cost approximately $483.00 per month. ($100 x $4.83)

Similarly, a $200,000 mortgage with the above terms/amortization would result in a monthly payment of approximately $966.00 per month.  ($200 x $4.83)

 

 

 

Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg

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Marg Scheben-Edey

Real Estate Broker
Market Value Appraiser - Residential
Accredited Green Broker™
(designated by the National Association of Green Agents & Brokers)

RE/MAX four seasons
realty limited, Brokerage
Each Office Independently Owned & Operated
67 First Street, Collingwood L9Y 1A2

Contact Marg

 Direct: 705-446-1762

Prefer Text? 705-446-5066

Email Marg

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