Your Edmonton Mortgage Blog
Your source for independent mortgage news in Edmonton...
Thursday, June 21, 2012
What do the recent mortgage changes mean to your bottom line?
Here a quick calculation on the impact of the recent amortization changes on a $300,000 mortgage using an interest rate of 3.09% (the current five year fixed mortgage rate)...
Monthly payment with a 30 year amortization: $1,276.21
Monthly payment with a 25 year amortization: $1,433.63
This works out to a difference of $157.42 per month!
Want to play around with some more numbers? Go to the
section of my website!
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