How much of a mortgage loan will the couple need how much, Financial Management

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How much of a mortgage loan will the couple need how much

Anusha and Naveen are planning to buy their first home. They have saved $30,000 and will withdraw the maximum from their RRSPs under the Home Buyers’ Plan. They will pay the cost of CMHC mortgage loan insurance separately. They estimate closing costs at $8,200 and will take a 25-year mortgage at a rate of 3.2%, compounded semi-annually, for a 3-year term. They will pay the mortgage monthly. The home they wish to buy costs $450,000.

Part a

How much of a mortgage loan will the couple need?

Part b

How much will CMHC loan insurance cost?

Part c

What will be the couple’s monthly mortgage payment and loan balance at the end of their term?

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