The Dirkson family purchased a home for $135,000 with a down payment of $20,000. They incurred various additional costs including $125 for an appraisal, $300 for a survey, $1,875 for 7 months of property taxes, $325 for drywalling, $920 for a washer/dryer, $320 for moving expenses, and $965 for legal/transfer fees. The total of these additional costs was $4,830.

1. Additional Costs When Purchasing Your Home'
Calculate the additional costs of purchasing a home for the Dirkson family.
The Dirksons live in Brandon and bought a house in Portage. They had the
home appraised and paid $125.00 to have it done. The bank required a survey,
and the cost of the survay was $300.00. the price of the home was $135 000.00,
and since their down payment of $20 000.00 was less than 25% of the total
price, they had to buy “High Ratio Mortgage Insurance” at a cost of 1.25% of
the mortgage. The home insurance premium was $475.00 but they recieved a
$150.00 rebate from the policy they had on their home in Brandon. The
property taxes for the year had been paid by the previous owner, and so they
owed 7 months of the total tax bill of $2 125.00. A dry-walling bill of $650.00
was split equally between themselves and the former owner. The Dirksons
bought a used washer and dryer for $920.00. Moving expenses were $320.00
and legal fees that included the land transfer costs were $965.00.

3. Canadian Mortgage Calculator Problems
The Jamison family has decided to buy a house. They will require a $121
000.00 mortgage to help pay for the house.
• Bank A offers them a 25 year mortgage at 7.25%. Determine the size of the
monthly payment, the total amount paid for the mortgage, and the total
amount of interest paid when the mortgage is repaid.

4. Canadian Mortgage Calculator Problems
The Jamison family has decided to buy a house. they will require a $121
000.00 mortgage to help pay for the house.
• Bank B offers them a 20 year mortgage at 7.25%. Determine the size of the
monthly payment, the total amount paid for the mortgage, and the total
amount of interest paid when the mortgage is repaid if they repay the
mortgage with monthly payments over 20 years.
• How much interest do they save by repaying the mortgage in 20 years
instead of 25 years?