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05-10-2009, 11:49 PM
silver surfer
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Join Date: Aug 2006
Location: Calgary
Country: Canada
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Originally Posted by Black Hole Sun View Post
my buddy just put me through a crash course...if I can pony up a 25% downpayment, it'd cost me $1800 a month @ a 6.5% 10 year fixed term for 25 years.

I think I might have to go for plan B...

This is the suite I'm looking at:

Suite costs $250 000-$275 000...if I can put down the 25% down payment with a 6.5% 10-year fixed rate mortgage for 25 years I'd pay $1300 a month.

This would actually be viable....****. I just need to get this down payment together.
Looks should be able to do a 35 year mortgage which would lower your payments a bit and floating interest rates are ~3.25% now so you could save a few bucks there as well. Although the math you're using is good to make sure you really can afford what you end up buying. Presuming you're including the condo fees, property taxes, etc...

I don't know if you guys have Pointe of View developers out in BC, but if you do, run away. Run away as fast as you can. That would be the best advice I could give you on buying a high rise apartment style condo in Western Canada.

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