Purchase : Mortgage Details
Price: $ Calc Using : CMHC Fee OTHER Fee
Down Pmt : $ OTHER Fees : $
Interest Rate : % Mortgage Type : Canada or US
Term : Amort :
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Compute the Effective Rate on a mortgage. The total funds borrowed is assumed to be Mortgage Principal applied to the purchase price ("applicable mortgage") plus Fees. The Effective Rate is the Internal Rate of Return deriving the resulting Monthly Payment on the applicable mortgage funds.

Origination fees and appraisal fees are assumed to reduce amount of funds advanced for purchase, thereby requiring additional cash on closing. Mortgage insurance fees are amortized over the life of the mortgage. If there are no fees or insurance on the mortgage origination, the Effective Rate equals the Stated Rate.

  A M O U N T S
Canadian Calculation - Compounding Semi-Annually
Down Payment (25 %)   $ 25,000
(Required for fees, not insurance)
 
 
Mortgage Details
Mtg Funds Applied to purchase   $ 75,000
Plus : CMHC Fee - (0 % Mtg.) $ 0  
Plus : Other Mortgage Fees $ 0  
TOTAL Mortgage
    (36 Months Term & 25 Yr. Amorization)
$ 75,000
Monthly Payment $ 382  
Total Interest Paid $ 7,956  
Balance at Term $ 69,190  
 
TOTAL PRICE   $ 100,000
 
Stated RATE 3.7 %
 
  By incorporating the additional fees and insurance, the actual return measures for this investment are :
Annual NOMINAL RATE 3.7 %
EFFECTIVE RATE 3.73 %
 

Note that tax consequences may further affect your decision.
Figures are rounded to nearest dollar.

The above information is deemed reliable, but is not guaranteed.