Mortgage Amount
HOME PRICES WOULD DECREASE BUT THE MONTHLY MORTGAGE PAYMENT WOULD BE DOUBLED AND WE WOULD PAY TRIPPLE INTEREST TO THE BANKS. WE CAN’T PAY MORE FOR LESS.
| Mortgage Amount | $ 1,265,000 | $ 800,000 |
| Interest Rate | 2% | 6.5% |
| Amortization | 25 years | 25 years |
| Interest per 5 years term | $ 116,093 | $245,159 |
| Total Interest | $ 341,000 | $ 800,572 |
| Monthly Payment | $ 5,356.66 | $ 5,358.60 |
We are seriously misled by the slogan that the interest rate hike is to lower the home prices. But we would be paying almost triple the amount of interest if we don’t take action now. Sign a petition to let the Bank of Canada and the Federal government to reverse the interest rates.
