MORTGAGE DETAILS
Term
3 yr Fixed
Amortization
30
Annual Mortgage Rate
4.25%
Property Taxes
$3,750.00
MORTGAGE
Percent Down Payment
20% Down
Purchase Price Amount
$1,395,000.00
Deposit on Purchase
$25,000.00
Down Payment Required
$279,000.00
Total Mortgage Amount
$1,116,000.00
CLOSING COSTS
Deposit on Purchase (this will count towards your down payment)
$25,000.00
Total Down Payment Needed
$279,000.00
Legal Fees(approx.)
$2,500.00
Tax on Legal Fees
$325.00
Appraisal Fee
$500.00
Land Transfer Tax
$24,375.00
Adjustments on Closing With Lawyer - up to $1,000
$1000.00
Total Closing Costs (due 1 week before closing)
$307,700.00
HOUSEHOLD BUDGET
Monthly Mortgage Payment at 5%
-$5,465.80
Insurance
-$390.00
Utilities - hydro, gas and water paid by tenants
$0.00
Common area hydro
-$20.00
Maintenance
-$200.00
Monthly Property Taxes
-$312.50
Rental Income
$8,000.00
Total Monthly Cash Flow
$1610.70
Property Budget &
Cash Flow Analysis
Future Equity
(3% appreciation +
mortgage paydown)
Year 5
Year 10
Year 15
Property Value
$1,622,983.70
$1,881,482.93
$2,181,154.38
Mortgage Remaining
-$1,024,061.00
-$906,371.00
-$755,717.00
You'll Have
$598,922.70
$975,111.93
$1,425,437.38