H Your New Home and Mortgage You have graduated and completed your education, landed a job you always dreamed of and are now ready settle down You are considering purchasing a new home. Banks are offering 25 year mortgages or should you go with a 20 year mortgage? Original Amount IPVI Amortization Term Termin Years Interest rate Payment Frequency You have saved for a dos 250,000 25 Years 5 years 5% Monthly 50,000 Deduct from original amount Use the Canadian Mortgage Calculator (Freelto answer the following questions What is the monthly payment with a 25 year amortization? 2 marks 5 bitte: 25 years to pay on the above terms] how much total interest will you pay? 2 marks cl What is the monthly payment using the same terms on a 20 year amortization? 2 marks 22 dictae 20 years to pay fon the above terms] how much total interest will you pay 1mark 1mark What mortgage should you choose and why? What would happen you could only put 54 down on the orginal investment? 2 marks Interest? Payment