| None of these figures are guaranteed by the Vendor and should be verified by the Purchaser with ING Direct. |
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| There is more general Mortgage information on the General Info page. |
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| The example below is based on ING Direct's Payment Calculator on the right side menu. |
| The figures for the Assumable Mortgage from ING Direct are accurate in comparison to documents supplied by ING Direct when the Mortgage was created. |
| All of these figures are supplied as an example of the savings possible by the assumption of the present ING Direct Mortgage at 4.39%. |
| These figures are based on an accelerated bi-weekly payment. This includes 26 payments a year. If you pay your mortgage bi-weekly rather than monthly, you will save yourself thousand of dollars over the life of an average mortgage Amortized over 25 years. |
| The Assumable Mortgage is portable and assumable upon approval by ING Direct. |
| You can prepay up to 25% of your original principal amount and increase your regular payments by up to 25% - on any regularly scheduled payment date - with no penalty. |
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| Save approximately $1,640.00 in payments over the three year period. |
| Pay off approximately $5,280.00 more in principle. |
| Total approximate savings of $6,920.00 over the three year period. |
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| Present Assumable Mortgage |
| Assumable Mortgage amount is approximately $158,000 as of June 1, 2006 |
| Mortgage Amount: | $167,353.31 |
| CMHC Total: | $3,273.57 |
| % Down Payment: | 15% |
| Interest Rate: | 4.39% |
| Payment Frequency: | Accelerated Bi-Weekly |
| Payment Amount: | $458.02 |
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| 4.39 % |
| PERIOD | TOTAL PAID | INTEREST | PRINCIPAL | BALANCE |
| Year 1 | $11,908.51 | $7,175.25 | $4,733.26 | $162,620.05 |
| Year 2 | $11,908.53 | $6,965.18 | $4,943.35 | $157,676.70 |
| Year 3 | $11,908.52 | $6,745.79 | $5,162.73 | $152,513.97 |
| Year 4 | $11,908.53 | $6,516.66 | $5,391.87 | $147,122.10 |
| Year 5 | $11,908.53 | $6,277.36 | $5,631.17 | $141,490.93 |
| Totals: | $59,542.60 | $33,680.22 | $25,862.38 |
| Total Last 3 Years: | $35,725.58 | $19,779.11 | $16,185.77 |
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| Example at 5.30% assuming there would be 20-25% down payment. |
| This uses the same dollar amount left on present mortgage as of June 1, 2006. |
| Mortgage Amount: | $160,001.70 |
| CMHC Approx: | $2,325.00 |
| % Down Payment: | 20-25% |
| Interest Rate: | 5.30% |
| Payment Frequency: | Accelerated Bi-Weekly |
| Payment Amount: | $479.05 |
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| 5.30 % |
| PERIOD | TOTAL PAID | INTEREST | PRINCIPAL | BALANCE |
| Year 1 | $12,455.29 | $8,273.79 | $4,181.50 | $155,820.20 |
| Year 2 | $12,455.30 | $8,049.23 | $4,406.07 | $151,414.13 |
| Year 3 | $12,455.28 | $7,812.62 | $4,642.66 | $146,771.47 |
| Year 4 | $12,455.29 | $7,563.29 | $4,892.00 | $141,879.47 |
| Year 5 | $12,455.30 | $7,300.58 | $5,154.72 | $136,724.75 |
| Totals: | $62,276.50 | $38,999.55 | $23,276.95 |
| Total First 3 Years: | $37,365.87 | $24,135.64 | $13,230.23 |
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