[albertGQ]

Man, I need to rant.

I am in the process of buying out my roommate so my fiancee and newborn can live there. He moved out months ago to live with his girlfriend. The mortgage is in both our names. The principal we owe is $302,000. We have less then three years remaining in our term at 5.60%. Mortgage started in January 2007 I beleive.

ATB compounds their interest on a semi-annual basis. So they're telling me adding the interest ($4,541.43) with the payout penalty ($12,656.35), the total payout is $319,201. Does this seem right?

We bought the house for $320,000. Put 5% down, so after the CMHC premiums of 3.15%, our total mortgage was $313,576. Does this make sense to anyone here that my payout penalty is almost $6,000 more then my mortgage amount after 27 months of mortgage payments?

I should have some idea how this is calculated as I am a mortgage underwriter, but I don't and I am pissed at this. I was looking forward to buying out my buddy and getting a much lower rate from Oxlong.

Anyone know how to calculate this for me? I can give more information via PM if necessary

Thanks