me es and sense .. “DON'T YOU. just love a good -. ” -» mortgage-burning party? The. , héat of the flames is matched only by. the waimth of know-. ‘ing you have an extra $500 or : $1,500 a month to fo spend ~ or. invest. . a you first take out the mortgage (or. any’ “other debt). Then celebrate { sooner. Start to get into the party: mood with ‘the following example’ of the thousands of you you can +. "7° more quickl '» Let's take a $ 100, 000 n mortgage with a 25- ryear amortization {payotl) ‘period. at nine percent interest; -: monthly payment, $828, (If you. have'a $65,000 mortgage, multiply the payment and savings by 0.65; - ‘with a $140,000 mortgage, multiply by ‘4, and-so on.) 0.5 + Pay off the mortgage, in 20°: years instead of 25 and you save |. $35 000 i interest; your monthly pay: ment is only ' seven Percent (61). * Pay. off the mortgage in'15 years and save $67,000. Your month ly. payment is $1,005. That's 21%" higher than the 25-year payment, but you cut your: $148, 000 interest: KEVIN KONAR, 2 -. Ipivestment Advisor... 00.5 _ RBC Dominion Securities. Oy ee Sek i ae Let’s say you did manage the 15- year payoff, You splurged $1,005 on ° _ the mortgage-burning party, then invested that former monthly pay- ment. Over the next (0 years, your money, compounding annually at eight per cent, would g grow (0 almost $190,000. ; If you continued your investment program another 10 years, the magic _ of compounding would tum your $190,000 into almost $600,000, What a party you could have then. All financial institutions should - help you arrange a mortgage repay- ment plan which you can handle... (without having to eat bread and water) but which will also save you ‘the most interest. For example, Royal Trust has an ~ eight-page booklet used in its per- sonal mortgage consultation to help “choose the. most appropriate pay- - ment and so amortization. It Shows if you double up your: * ($763) monthly payment on a $100,000, 25-year, eight percent “mortgage, you can also save tens of | thousands of dollars. Doubling up. twice a year (in April and Octaber) “pays off the mortgage in just over [7 "years and saves you $47,000 in interest. go Royal Trust's booklet task any branch for a free copy) also provides - Buidelines to help you choose the “Tight term, decide about life insur- ance to cover the mortgage and see : that contributing to an RRSP and using the tax saved to pay down a “mortgage is usually the best * approach for most people (rather “than putting all your extra money nto only. the RRSF or the mort- Bag ge). - Mike Grenby i is a North Shore- based columnist and independent ‘financial adviser. who works with - : individuals; he will answer your questions in'this column as space “ allows ~ write to liim clo 2444 | Haywood Avenue, West Vancouver, BCS WV IY, we ~ STEVE COOK - Parter and Tax Law Expert __Thorsteinssons Tax Lawyers = . Wednesday, May 24th at 7: 30pm" ; « Senior’s Centre, West Vancouver 2° 695 West 21st (at Marine Drive)". - ill be 'a $10.00 donation at the door with net proceeds going to the. : Multiple Sclemsiz Savi tery af c nada, BC. Di vision sete ‘DOMINION | 7 SECURITIES PIS a BREE LAT ME MAIL Aa ESTE Ao TE EMRE UE PR AN OR? COPE PSPS RIES ia Pal a ANA IO MIKE GRENBY’S MONEY TOON WELL MANDY, AFTER WE HEARD You | WERE THROWING A PARTY, MAN! LET THe CELEBRATION ONLY FIFTEEN YEARS COMMENCE OF OCCASIONAL DOUBLING THE MORTGAGE IS PAID OFF | NOTICE TO MOTORISTS | SEA-TO-SKY HIGHWAY 99 PORTEAU BLUFFS . TRAFFIC DELAYS - MAY 15 - MAY 26, 1995 . -- The Ministry of Transportation and Highways: advises that there will be 20 minute .- delays on the Sea to Sky Highway 99 at Porteau Bluffs, 25 km north of Horseshoe Bay.’ _The delays are needed for slope stabilization work and will be | in effect as follows: . 20 MINUTE DELAYS . Monday, May 15 to Thursday, May’ 418. Tuesday, May 23 to Thursday, May 25 "20 MINUTE. DELAYS | . Friday, May. 26... 9:00 a.m. + 42:00: Noon Note: There will be no scheduled delays on Friday, May 19 and Monday, May 22, 1995 or on weekends. ee . “The Ministry thanks motorists for their patience and: cooperation. Province of : British Columbia | : Ministry of Transportation. — ; and Highways VAN Crry’ Ss “Franca x umpano; Chair of. ‘Vancouver City Savings Credit Union, j » pleased to present the credit union’s Board of Directors for 1995-96 Chosen by ‘the members, the directors will oversee the credit union's operations ensuring that VanCity remains a healthy, prosperous and progressive financial institution committed to its members, but also, Because thel Lower Mainland isn't just ‘the place we do business. As: Wwe near our r 50th anniversary in 1996, it’s still the place we ‘call home. Reva Dexter Coro Strandberg “.. Director, Vice: Chair Brute Ralston Director: - Tim Louis -. Wendy Holm “Director, Director REIN ENA SIRE INOUE ET.