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Finance Project
6
Apartments are smaller and cheaper. Condos people usually buy rather then rent.
Down payment is $25,000
Mortage from the bank is $208,000
To pay it off in 25 years at 4.45% interest your monthly payment would be $1,145.45
To make that monthly payment for 25 years you would
have paid $343,635 on your mortage.
Your finance charge after the mortgage would be $1356,35.
To pay your mortage in 20 years with the same interest rate. The monthly payments would be $1,305.75.
The total amount you will have paid would be $313,380.
The finance charge after the 20 years is $1053.80
The amount of money that a person would save paying the mortage off in 20 years rather then 25 difference in finance charge. You would save $251.95.
Expenses include:
-condo $1,305.75
-food $100
-gas $280
-cellphone $100
-electricity $80
-toiletries $50
-insurance $150
-water and heat $50
-internet $20
total=$2135.75
Social worker in Canada makes $34.10 per hour. $1364 per week and a salary of $70,000 a year. Deductions off of every 2 week pay check of 38%. Each paycheck will be $2728 with deductions of $1036.64. Every month I will be bringing in an income of $3382.72. After all of my expense I will have $1246.66 left over.
The price of this condo is $233,000.00
10% down payment
2 bedrooms and 1 bathroom
People choose to pay off their mortage in 25 years rather then 20 because the bank offers it as a better deal so that they are able to make more money off of you.