Note: Unfortunately, I can not personally recommend any of the persons or services mentioned in this website. Quick Mortgage Calculation Calculate your twice monthly mortgage payment by using one of the factors below and multiply it by the number of $000's for your mortgage. For example: $250,000 mortgage, 25 year amortization, 5% interest rate = (250 x 2.91) = $727.50 every two weeks. P.S. Don't forget to add the property tax amount in your budget. YEARS @5% @5.5% @6% 15 $3.94 $4.06 $4.19 20 $3.28 $3.42 $3.56 25 $2.91 $3.05 $3.20 Mortgage Brokers They get paid by the Lender, so use them to get the best rate for you. (Rarely can you get the best rate/ deal at the Bank on your own!) Some Brokers might even cover the cost of the property appraisal for you! Here are four Mortgage Brokers - Tell them Jim Reid sent you. Kevin Byworth - Cell: (416) 319-2457, E-Mail: spectrum98@rogers.com John Matei - Cell: (416) 737-1735, E-Mail: heliopath@rogers.com Frank Petriglia - (416) 805-8458 Josie Paoletta - (416) 225-2387, E-Mail: josie.paoletta@td.com Jim's Tips I hate Mortgage Interest payments. Send an e-mail to the Minister of Finance to get a change to Canada's taxation program. Canadians could become wealthier than Americans if we could divert some of our personal taxes into a family property, fixed income investments or new business investment accounts. The average GTA home now costs $325,000. In order to retire, we need to own our home and receive at least $2000 per month income from a fixed income investment of $500,000, ($500,000 x 5% = $25,000.) This means a Canadian retiree needs a personal net worth of at least $750,000 upon retirement. Less than 10% of current retirees have such wealth. Canada needs to act quickly to divert taxes into net worth building assets for people over 45! Corporate tax cuts go into pay raises, bonuses and stock dividends... not into risky investments which might grow their businesses and create more employment. Therefore, our government should focus on building family wealth which will lead to new business formation and to self-sufficiency for seniors. Get this message out to influential Canadians!