Placeholder Image

字幕表 動画を再生する

  • Whether purchasing for your first or third time, there are a number of decisions youll

  • have to make surrounding your home purchase and corresponding mortgage.

  • One of those decisions is the payment frequency.

  • In Canada, you can choose between a monthly, a bi-weekly, or an accelerated bi-weekly payment.

  • Weve brought in Mortgage Broker Chris Molder to walk you through each option and explain

  • what they mean for your repayment plan.

  • Mortgage payment frequencies means more than how often you pay your lender.

  • It also affects how quickly you pay down your mortgage balance.

  • Let’s consider John.

  • John has recently purchased a home for three hundred thousand dollars, put ten per cent

  • down, and was approved for a two-point-nine-four percent fixed rate mortgage amortized over

  • twenty-five years.

  • Let's consider John's monthly payment first.

  • Using a mortgage calculator, we've determined that John's monthly mortgage payment is one

  • thousand two hundred and ninety-five dollars.

  • If John were to make regular bi-weekly payments, he'd be making a mortgage payment once every

  • two weeks.

  • Bi-weekly payments are popular because you can coincide your mortgage payment with your

  • bi-weekly pay schedule.

  • To determine John's regular bi-weekly payment amount, we take his monthly payment, which

  • is one thousand two hundred and ninety-five dollars, multiply it by twelve, and divide

  • it by the twenty-six bi-weekly pay periods in the year.

  • In this case, John’s regular bi-weekly payment amount is five hundred ninety-seven dollars

  • and sixty-nine cents.

  • John’s final payment option is accelerated bi-weekly.

  • To calculate his accelerated bi-weekly payment, we take John's monthly payment, which is one

  • thousand two hundred and ninety-five dollars, divide it by two, and we get the number six

  • hundred forty-seven dollars as his bi-weekly accelerated payment.

  • Now, even though he's paying once every two weeks with the regular bi-weekly payment and

  • accelerated bi-weekly payment, the accelerated bi-weekly payment amount is higher.

  • Let’s have a look at the numbers and determine if John is able to pay off his mortgage more

  • quickly with the accelerated option.

  • Now, let's have a look at John's annual mortgage payment to the lender under the different

  • payment frequencies.

  • To determine how much John pays the lender annually for monthly mortgage payments, all

  • we do is multiply his monthly mortgage payments by twelve, and we determine that he pays the

  • lender fifteen thousand five hundred forty dollars to the lender.

  • For bi-weekly payments, we do a similar calculation, except this time we multiply by twenty-six.

  • With regular bi-weekly payments, we determine that John pays, again, fifteen thousand five

  • hundred forty dollars to the lender in principle and interest.

  • This is very similar, or actually, the same, as monthly payments.

  • And finally, we consider accelerated bi-weekly payments.

  • Again, multiplying by twenty-six, were able to determine that John pays annually

  • to his lender sixteen thousand eight hundred thirty-five dollars.

  • Now, as you can see John pays more annually under the accelerated bi-weekly payment plan.

  • Although he’s making an extra monthly payment per year, this accelerated bi-weekly payment

  • allows John to pay off his mortgage years sooner and save himself thousands of dollars

  • in interest.

Whether purchasing for your first or third time, there are a number of decisions youll

字幕と単語

ワンタップで英和辞典検索 単語をクリックすると、意味が表示されます

B1 中級

カナダの住宅ローンの支払いオプション - Ratehub.caと住宅ローンの数学#7 (Mortgage Payment Options in Canada - Mortgage Math #7 with Ratehub.ca)

  • 2 0
    林宜悉 に公開 2021 年 01 月 14 日
動画の中の単語