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Finding Mortgage Amount (Including Canadian Mortgage
Insurance)
Find the Mortgage Amount (including Canadian Mortgage Insurance)
on a 25-year mortgage at 7.8% interest if you are considering a
mortgage with a monthly P&I Payment of $1,500. Canadian
Mortgage Insurance of 2.75% will be added to the mortgage amount.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter annual Interest rate
7 • 8 ˆ
7.80
Enter Term in years
2 5 T
25.00
Enter monthly P&I Payment
1 5 0 0 p
1,500.00
Enter Canadian Mortgage
Insurance
2 • 7 5 C
2.75
Find Mortgage Amount
l
199,869.55
Find Mortgage Amount (including
Canadian Mtg Ins)
l
205,365.97
Enter new P&I Payment (including
Canadian Mtg Ins)
p
1,541.25
— DO NOT CLEAR CALCULATOR —
Recall entered Canadian
Mtg Ins percentage
® C
2.75
Find Canadian Mtg Ins
dollar amount
C
5,496.41