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Only a couple more hours before I go up (left?) to Port Elgin with Emily. ^_^ This will be a great chance for me to relax for once. :)
Today, I went and got a haircut before going to Link, The Condominium. I was invited to a "VIP Preview" which was essentially a guided tour, as opposed to the typical "walk around at your leisure"-style of viewing.
I got a wealth of information about the place, and the overtly unique style of the place means that practically every other room in the place is different from each other. There were 37 different room layouts. XD
Since I was only looking at one bedroom or one bedroom with den, it was limited to one loft and 7 regular-sized rooms (6 of which were of the same design but had different sizes).
I learned a lot from the people walking around there. Things like "promotional" and "upgrade" are different; they offered a promotional granite countertop and an extra appliance (microwave) for buying soon - but the demo kitchen they showed us was the "upgrade" version (which features everything in stainless steel and a much nicer granite countertop from the "promotional" types). A "promo" kitchen would be all-white kitchen appliances, and upgrading it would cost about $1,000 more.
I ended up returning home with a whack of room layouts (as I had with the Boulevard at Waterparkcity - I saw an advertisement for the place that stated "bring your chequebook" or something like that... guess they expected to sell-out quickly).
I've entered all I can into this nice spreadsheet, trying to figure out the monthly cost for me, and I fear that at this point in time, most of them will be way too expensive for me to even consider. Aside from the fact that the downpayment is a whopping $30,000 for most condos, just the monthly payments are heavy. I don't think I could manage a condo, my car, and food all during the month. XD
I'm in a snag with the worksheet, however. I can't figure out Mortgage rates, and how they would factor into the spreadsheet. If you're a math whiz, please try to help me out here.
Say a condo costs $180,000, and there's a $30,000 deposit. That leaves $150,000 for the mortgage. Add 1.25% for this Ontario "Good Housing" program or some crud - that's $1,875. So the total mortgage price is $151,875.
Now, how does a person calculate the mortgage rate? It's currently, for a 5-year (60-month) rate, it's 4.95%. What would the calculation be to find out how much I pay each month? The Bank guy at the Condo place told me it would come out to about $850 a month (plus Taxes, plus Condo fees, but leave those out of the equation) - so that way, if you've got the equation correctly you have an estimate to work with.
Is it 4.95% each month ($151,875/60)?
...
[later] Just discovered that even if I'm in a mortgage for 5 years, it doesn't mean it's paid off in 5 years. I just have to go back to the bank and re-calculate the remainder of the mortgage. Considering the amount of interest that gathers, I'd pay $10,000 a year or so... and $7,000 of that would go into paying off interest, and $3,000 would be paying off the condo itself. At that rate... it would take me 50 years to pay off El Cheapo ($150,000 at the start). Aiya.
Today, I went and got a haircut before going to Link, The Condominium. I was invited to a "VIP Preview" which was essentially a guided tour, as opposed to the typical "walk around at your leisure"-style of viewing.
I got a wealth of information about the place, and the overtly unique style of the place means that practically every other room in the place is different from each other. There were 37 different room layouts. XD
Since I was only looking at one bedroom or one bedroom with den, it was limited to one loft and 7 regular-sized rooms (6 of which were of the same design but had different sizes).
I learned a lot from the people walking around there. Things like "promotional" and "upgrade" are different; they offered a promotional granite countertop and an extra appliance (microwave) for buying soon - but the demo kitchen they showed us was the "upgrade" version (which features everything in stainless steel and a much nicer granite countertop from the "promotional" types). A "promo" kitchen would be all-white kitchen appliances, and upgrading it would cost about $1,000 more.
I ended up returning home with a whack of room layouts (as I had with the Boulevard at Waterparkcity - I saw an advertisement for the place that stated "bring your chequebook" or something like that... guess they expected to sell-out quickly).
I've entered all I can into this nice spreadsheet, trying to figure out the monthly cost for me, and I fear that at this point in time, most of them will be way too expensive for me to even consider. Aside from the fact that the downpayment is a whopping $30,000 for most condos, just the monthly payments are heavy. I don't think I could manage a condo, my car, and food all during the month. XD
I'm in a snag with the worksheet, however. I can't figure out Mortgage rates, and how they would factor into the spreadsheet. If you're a math whiz, please try to help me out here.
Say a condo costs $180,000, and there's a $30,000 deposit. That leaves $150,000 for the mortgage. Add 1.25% for this Ontario "Good Housing" program or some crud - that's $1,875. So the total mortgage price is $151,875.
Now, how does a person calculate the mortgage rate? It's currently, for a 5-year (60-month) rate, it's 4.95%. What would the calculation be to find out how much I pay each month? The Bank guy at the Condo place told me it would come out to about $850 a month (plus Taxes, plus Condo fees, but leave those out of the equation) - so that way, if you've got the equation correctly you have an estimate to work with.
Is it 4.95% each month ($151,875/60)?
...
[later] Just discovered that even if I'm in a mortgage for 5 years, it doesn't mean it's paid off in 5 years. I just have to go back to the bank and re-calculate the remainder of the mortgage. Considering the amount of interest that gathers, I'd pay $10,000 a year or so... and $7,000 of that would go into paying off interest, and $3,000 would be paying off the condo itself. At that rate... it would take me 50 years to pay off El Cheapo ($150,000 at the start). Aiya.
no subject
Calculating Morgages @_@
Sounds like something my brother would know how to figure out, he works at TD Canada Trust, want me to ask him any questions you might have?
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If your brother has a booklet or something that makes it easier to understand, that would be excellent. ^-^
no subject
no subject
...Then I got a job working in TV and now all my math is in timecode. XD