Real Estate

what would be a approx left on a mortgage

  • Last Updated:
  • Jul 29th, 2015 11:23 pm
Tags:
None
[OP]
Banned
Jun 17, 2009
1765 posts
181 upvotes
onatrio

what would be a approx left on a mortgage

if a person has a fixed 2.9 5 year mortgage,,and if he was to break the mortgage , it would cost $9000.00
,from these numbers above,,is it possible approx. to guess what is left on his mortgage
thanks....I know the amount paid for the house last summer 710,000 ,,but not sure what was put down on it

thanks
6 replies
Deal Expert
User avatar
May 10, 2005
36455 posts
10770 upvotes
Ottawa
Why don't you ask him?
Or, as Energie11 asks, what business is it of yours?
Deal Guru
User avatar
Aug 20, 2012
13829 posts
3194 upvotes
Pacific Ocean
Sounds like op wants to do a private sale by assuming the mortgage.
If the glove don't fit you must acquit! #WINNING
Deal Guru
User avatar
Aug 20, 2012
13829 posts
3194 upvotes
Pacific Ocean
dcjcdc wrote: if a person has a fixed 2.9 5 year mortgage,,and if he was to break the mortgage , it would cost $9000.00
,from these numbers above,,is it possible approx. to guess what is left on his mortgage
thanks....I know the amount paid for the house last summer 710,000 ,,but not sure what was put down on it

thanks
No becuz you have to know what his monthly payment amount is... assume the 9k cancellation fee is the same thru out the mortgage life and not based on different level of mortgage left like some banks. If you do know the mortgage payment then it's the simple discount valuation model of future payments. Grade 9 math??
If the glove don't fit you must acquit! #WINNING
Deal Addict
Jun 6, 2015
1435 posts
233 upvotes
I never learnt discount valuation in Grade 9 :lol:
Deal Addict
Jul 11, 2010
1283 posts
321 upvotes
Toronto
aznnorth wrote: No becuz you have to know what his monthly payment amount is... assume the 9k cancellation fee is the same thru out the mortgage life and not based on different level of mortgage left like some banks. If you do know the mortgage payment then it's the simple discount valuation model of future payments. Grade 9 math??
The penalty to break the mortgage early will not stay the same throughout the term. If there is 2 1/2 years left some lenders might use the current 2 year rate as a basis while a different lender might use the 3 year rate for the comparison rate. It is the time left that is used not the amount of mortgage left.
Doug Boswell
intelliMortgage Inc. Brokerage #12326
FSRA #MO09002332

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)