borrow for, different servicing agreements and many other factors you must consider.

This column is for consumer information and education only and it is not in the business of promoting any product or service. The goal is to provide, you, John and Marsha Public, with every bit of current information possible, so that you can make an intelligent choice, the choice that is right for you: The chart above is broken into six columns: A. Estimated down payment percentage required.

B. We are using a projected 10 percent mortgage rate) C. Number of years to finance is 20 (twenty years) D. Estimated closing costs include one-half (stamp duty, contract stamp duty, conveyance fee), planning search and appraisal fee and legal fees and stamp duty for the mortgage), etc.

These costs have NOT BEEN ADDED TO THE AMOUNT of the mortgage.

E. Estimated Total Interest Paid over the life of the mortgage, if you do not prepay any principal.

F. Estimated Gross Annual Income to debt amounts needed to qualify for the various loans.

As you can see, there are many, many variables. On a $300,000 loan, a five percent down payment has low up-front cost, but has the highest total interest paid. Conversely, a 25 percent down payment reduces the total interest cost by almost $80,000, but requires a down payment of $75,000.

The total amount of debt allowed -- 45 percent of total gross income and 50 percent of total gross income also shows some real variations in the gross income you need for qualification.

Each individual lender will provide you with even more paperwork than this, but you certainly can now say that you have lots of facts to work with. Now, it's up to you. Get out your pencil and calculator and do your homework. And Good luck! Under no circumstances does the information in this column represent a recommendation to buy or sell stocks or any other investments. Readers needing specific assistance should seek professional advice from their financial advisor or a mortgage officer.

Martha Myron CPA is a Bermudian, a Comprehensive Financial Planner, holds NASD Series 7 license and a U.S. tax practitioner. She is Programming Chair for the Financial Planning Association/Bermuda. Questions regarding this article may be sent to at Email: marthamyron(at)northrock.bm MORTGAGE CHART