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Mortgage Calculator with Tax and Insurance

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Mortgage Calculator with Tax and Insurance Powered By Docstoc
					                                 Mortgage Payment Calculator                                                                        LAURIN JEFFREY Sales Representative
                                                                                                                                    NATALIE JEFFREY Sales Representative
                                                                                                                                    416-388-1960 |:| laurin@jeffreyteam.com
                                                 Purchase Price       $229,000.00                                                   416-318-7917 |:| natalie@jeffreyteam.com
                                       Annual Property Taxes           $1,800.00
                                    Monthly Maintenance Fee              $0.00                                                      Century 21 Regal Realty Inc., Brokerage
                                   Interest rate, 5 year closed          3.79%                                                      1291 Queen Street West Toronto, ON M6K 1L6
                                       1
                                           Amortization in years           25                                                       Phone: 416-849-5360 |:| Fax: 416-849-8987

                                                                                         5                                             Monthly
                           Percent Down                                                    CMHC / GEMI          Total Mortgage                              Monthly         Maintenance     Total Monthly    Income needed to
     Standard Employment




                                                                                                                                                                                                                                  Standard Employment
                                                Down     Payment Mortgage Amount                                                       Mortgage
                            Payment 3                                                    Insurance Cost            Amount                                    Taxes              Fee           Payment             Qualify
                                                                                                                                       Payment
                                 5%                 $11,450.00        $217,550.00            $5,982.63            $223,532.63          $1,150.52             $150.00            $0.00         $1,300.52         $51,581.95
                                 10%                $22,900.00        $206,100.00            $4,122.00            $210,222.00           $1,082.01            $150.00            $0.00         $1,232.01         $49,012.84
                                 15%                $34,350.00        $194,650.00            $3,406.38            $198,056.38           $1,019.39            $150.00            $0.00         $1,169.39         $46,664.73
                                 20%                $45,800.00        $183,200.00            $1,832.00            $185,032.00            $952.36             $150.00            $0.00         $1,102.36         $44,150.87
                                 25%                $57,250.00        $171,750.00            $1,116.38            $172,866.38            $889.74             $150.00            $0.00         $1,039.74         $41,802.76
                                 30%                $68,700.00        $160,300.00             $801.50             $161,101.50            $829.19             $150.00            $0.00          $979.19          $39,532.00
                                 35%                $80,150.00        $148,850.00             $744.25             $149,594.25            $769.96             $150.00            $0.00          $919.96          $37,310.97
                             4                                                                4
                                 Ontario Land Transfer Tax             $2,015.00                  Toronto Land Transfer Tax             $2,015.00                 Total Land Transfer Tax Payable                $4,030.00
                                                                                         5                                             Monthly
                           Percent Down                                                    CMHC / GEMI          Total Mortgage                              Monthly         Maintenance     Total Monthly    Income needed to
                                                Down     Payment Mortgage Amount                                                       Mortgage
                            Payment 3                                                    Insurance Cost            Amount                                    Taxes              Fee           Payment             Qualify
             2




                                                                                                                                                                                                                                          2
                                                                                                                                       Payment
    Self-Employed




                                                                                                                                                                                                                                 Self-Employed
                                 5%                 $11,450.00        $217,550.00            $13,053.00           $230,603.00          $1,186.91             $150.00            $0.00         $1,336.91         $52,946.62
                                 10%                $22,900.00        $206,100.00            $9,789.75            $215,889.75           $1,111.18            $150.00            $0.00         $1,261.18         $50,106.79
                                 15%                $34,350.00        $194,650.00            $5,644.85            $200,294.85           $1,030.91            $150.00            $0.00         $1,180.91         $47,096.78
                                 20%                $45,800.00        $183,200.00            $3,004.48            $186,204.48            $958.39             $150.00            $0.00         $1,108.39         $44,377.18
                                 25%                $57,250.00        $171,750.00            $1,717.50            $173,467.50            $892.83             $150.00            $0.00         $1,042.83         $41,918.79
                                 30%                $68,700.00        $160,300.00            $1,282.40            $161,582.40            $831.66             $150.00            $0.00          $981.66          $39,624.82
                                 35%                $80,150.00        $148,850.00            $1,190.80            $150,040.80            $772.26             $150.00            $0.00          $922.26          $37,397.16

                                                                                                                          1
CMHC / GEMI mortgage insurance rates updated May 1st, 2009                                                                    There is a 0.20% premium for amortizations between 25 and 30 years, and 0.40% between 30 and 35 years
2                                                                                                                                                   3
    CMHC / GEMI mortgage insurance rates are different for those who are self-employed                                                                  0% down option has been removed, as CMHC will no longer insure those mortgages
4                                                                                                                                                                      5
    First time buyers get $2,000 off the Ontario Land Transfer Tax and $3,725 off the Toronto Land Transfer Tax                                                            CMHC/GEMI premiums are subject to 8% PST, payable on closing

                                                                   This sheet is for informational purposes only - please consult the appropriate mortage and tax professionals

				
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