(Answered) Anusha and naveen are planning to buy their first

Engineering

Anusha and Naveen are planning to buy their first home. They have saved $30,000 and will withdraw the maximum from their RRSPs under the Home Buyers' Plan. They will pay the cost of CMHC mortgage loan insurance separately. They estimate closing costs at $8,200 and will take a 25-year mortgage at a rate of 3.2%, compounded semi-annually, for a 3-year term. They will pay the mortgage monthly. The home they wish to buy costs $450,000.

Part a

How much of a mortgage loan will the couple need?

Mortgage loan calculation

450 000$ -30 000$ = 420 000$ -25 000( RRSPs) =395 000$ + 8200( Closing costs) = 403 200$

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