By: Nathan Lawrence & Brianna Shortreed

Your Mortgage Tidbit:

Recently we found this article talking about the sale of the most Expensive Condo in Canada!  Check out the article Here!!!  So because we love mortgages so much and because we were curious…We put together the numbers to look at.

Assuming the following…

Purchase Price: $55,000,000

Down Payment (20%): $11,000,000

Mortgage Amount: $44,000,000

Interest Rate: 2.59%

Term: 5 Year Standard Fixed Closed

Amortization: 25 years

Here are a few BIG numbers for you:

Monthly Mortgage Payment: $199,083.00

Total Mortgage Payments Made over 5 years: $11,944,980.00

Total Interest Paid over the 5 year term: $5,252,927.00

#MortgageTidbit #NowYouKnow #SaveOnInterest #WeLoveMortgages