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Today: 20.01.2018 - 03:24:38
   Canada Mortgage Hub Discussion Board -> Mortgage Ottawa -> Mortgage calculation?
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preyes8827

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Mortgage calculation?
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Canadian discount broker
Post # 1.

partwolf

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Assuming you pay no property taxes in Canada and don't require home owners insurance and there are no canadian loan closing costs, your $6k down and $200/month will allow you to afford you a loan of about $41,000 ($47000 purchase price). Your interest rate won't be the lowest available because it is a second house.But if you do have taxes insurance and closing costs, your purchase price shoots down to about $35-$38000
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prtp

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Well it's unusual to take out a mortgage for more than 25-30 years.If you find a $50,000 property and pay $6,000 deposit to achieve the $200 a month payment target you would need to go with 30 years $211 a month and rely on the interest rate remaining at around 4% during that time.I'd keep saving a larger deposit if I were you and hopefully find a partner in that time so you have a joint mortgage and better options._http://www.tdcanadatrust.com/docs/mortCa
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