You're right, $640k my mistake, not $600k. I was using a $600k mortgage I will make adjustments for that. So I will just put $200k down.
2.14% is far too high to pay right now. My calculations are based on 2% over 30 years. But I have no intention of taking 30 years to pay it off. Nor do I think we will have to pay 2% for the first 5 years. 5 year variables are at 1.35-1.45% and second mortgages tend to get the best rate (for my parents) With my aggressive paydown method, it should only take 13.6 years.
So I think using 2% is fair. Anyway, my parents will pay $2,362.91 and I pay $2,000. I am not planning on living in the house for those 10 years. I should have mentioned that. I will continue to live with and take care of my parents.
So I am just assuming I will only have to pay the maintenance fee $500/month on the high side. I know it seems crazy but my parents need a lot of help so it's easier to just live with them and aggressively pay down the mortgage. I have a disability so I can defer my property taxes indefinitely at 0.45% interest. Heat/utilities shouldn't cost anything in Vancouver if nobody lives there. So the only thing I need to pay for is insurance. So perhaps $700/m ($500+$200) at most which is 24% of my income. If the strata has to repair the roof or whatever, I have my $25k emergency fund plus a $25k uLOC. I am super lucky that my parents are paying the mortgage while I pay down the principal. I realize this.
My car insurance actually only costs $1250 but we are changing the system in BC so I don't know what the price will be in the future.
Anyway, even after the first 5 years, there should only be $397,069 left on the mortgage. Even if my investments did terribly, I would have enough money to pay off the mortgage entirely.