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Canadian Mortgage Payment

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 Loan Amount
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Instructions This simple calculator calculates your monthly payment based on your input. This calculator assumes conventional mortgage financing compounded semi-annually. The maximum Gross and Total Debt Service Ratios (GDSR and TDSR) are usually 32% and 40% respectively. The calculation assumes the total of all non shelter financial obligations will not exceed an additional 8% of the required household income. A conventional financing calculation should incorporate 75% mortgage up to 400,000 of value and 65% thereafter to determine the required down payment. This underwriting practice varies between financial institutions.

Results

Monthly Principal & Interest: $479.85
Down Payment: $25,000
Required Down Payment: $25,000
Income Required: $17,995

These calculations are only estimates and should not be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.

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7600 E. Orchard Road | Greenwood Village,  CO | 80111
Phone (303) 320-4040 | Fax (303) 331-4487 | Email info@ccmclending.com
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Licensing: AZ Mortgage Banker License #BK-090424, Lincensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado: to check license status of your mortgage broker visit: http://www.dora.state.co.uc/real-estate/index.htm. Illinois Residential Mortgage LMB.0005759 ; MN: This is not an offer to enter into an agreement. Any such offer may only be made in accordance with Minn. Stat. 47.206(3) & (4); This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas; Some loan products may not be available in all states.