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Determining the total amount of the mortgage

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Recently, Bella moved from Toulouse to Winnipeg, and he is interested in buying a house worth $485,000 and has a down payment of $36,000. CMHC charges the following rates on the loan to value ratio: Up to and including 80 percent, 2.40 percent; up to 85 percent, 2.80 percent; up to 90 percent, 3.10 percent; up to 95 percent 4.00 percent. What will be the CMHC mortgage insurance premium? What will be the approximate total amount of the mortgage if the CMHC fee (insurance premium) is included in it? If a lender were willing to offer the total amount to Abella at 4.5% fixed rate amortized over 25 years, how much would his monthly payment be? You have to assume that the insurance premium is included in the total amount of the mortgage.

Reference no: EM132842778

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