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The Coey Communicator

Check-List for Finance Prjct. Part B

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conservation-house-final.jpg

Find a house to buy in your future:

http://www.bchomesforsale.com, http://www.mls.ca  or check a real estate newspaper (house under $600,000)

 

Copy and paste ad and information into word document –Part B

 

Calculate Sales Tax on house

1st $100,000 x .01 = $1,000

Remainder x .02

 

Calculate 15% down payment

House cost x .15

 

Calculate Mortgage Amount Needed

House cost minus down payment

 

Look up Mortgage companies to find the best mortgage rate:

http://www.canadamortgage.com/ratesshow/showrates.cfm  

 

Copy and  paste into word-Part B

 

Look up a mortgage calculator to find monthly payments for a mortgage amortized over 25 years:

http://www.canadamortgage.com/calculators/amortization.cgi?CFID=4284520&CFTOKEN=77674602 

 

 

Determine the total initial cost (down payment + purchase tax + 1st monthly payment (from mortgage calculator))

 

Include all calculations in your word document for part B

 

Determine some extra mandatory costs for purchasing a house:

-          house inspection fee

-          mortgage application fee

-          legal fees

http://www.assignmentscanada.ca/buyingincanada.html 

 

 

Find out what property taxes are where your house is located:

http://www.saanich.ca/living/tax/propertytax.html 

http://www.victoria.ca/cityhall/departments_fincon_tax.shtml