Alex Michie, Sales Representative, Re/Max a-b Realty Ltd., Brokerage
463 Dundas St N4S1C1 Woodstock, ON, Canada

Hi friends, I have fielded a lot of questions lately about deferring mortgage payments and what that means. I want to share this for purely informational purpos...es only (please no debates or controversy as just wanting to help those who have asked understand). I am going to keep the math very simple as this is just to give you an idea of what compounding interest looks like. Say your mortgage payment is $1000 a month and you defer the principal and interest (postpone it) for 6 months on a 20 year amortization. This $6000 is now being added to the end of your 20 year amortization. For the sake of this let's say interest rates average 3% for that 20 years. $1000 6 = $6000 deferred $6000 3% annually = $180 yearly $180 x 20 years = $3600 Your total repayment becomes $9600 instead of $6000. Thankfully mortgages are made with flexibility and allow you to defer payments in times of need but also allow you to increase payments when you can. These are unprecedented times and I don't know anyone that isn't feeling the effects and we all pray for the best outcome for all. When the dust settles talk to a financial advisor about all the options you have and how they can help you maintain your financial wellbeing and goals:) Stay home and stay safe friends!! See more

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