what does 3.44% mean to you?
Whenever I see a rate, unless I have my calculator with me, it doesn't really mean much, so I had Cindy Bendixen or RBC calculate it and here's the deal:
If you borrowed : $100,000
Interest rate : 3.44% (5 yr term)
Amortization; 35 year
Payments: $408.42 per month (principal and interest)
or
Amortization: 15 years
Payments: $710.70
So, here's what buying a new 650-840 sq. ft condo or one that's a little older (12-20 yrs) and larger, 900-1,200 condo in the city of Surrey for $212,000 (including HST if new) would look like:
With an annual income of $40,000 and 5% down, $10,600
property transfer tax $2,000 (or if first time, you may be eligible for a grant)
mortgage: $212,000
P&I payment: $848.00
taxes: $100.00
strata fee: $210.00
Total Monthly Payment of $1,126.84
* strata fees often cover heat and hot water
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