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ken0042 · 03-21-2006, 05:29 PM

I also assumed my mortgage. A couple of problems for MYK:

-The RRSP money can't be used to assume a mortgage without penalty.
- The assumable mortgage goes out the window in a market like this. Let's assume (sorry for the pun) that I had bought my house the normal way with 5% down. I would have had a mortgage of $180K. My house is now worth $270K- so lets say $250K. With nothing going towards my principal for the last year you'd be putting down $70K to assume my mortgage.

03-21-2006, 05:29 PM	#16
ken0042 Playboy Mansion Poolboy Join Date: Apr 2004 Location: Close enough to make a beer run during a TV timeout Exp:	I also assumed my mortgage. A couple of problems for MYK: -The RRSP money can't be used to assume a mortgage without penalty. - The assumable mortgage goes out the window in a market like this. Let's assume (sorry for the pun) that I had bought my house the normal way with 5% down. I would have had a mortgage of $180K. My house is now worth $270K- so lets say $250K. With nothing going towards my principal for the last year you'd be putting down $70K to assume my mortgage.