Stupid mortgage questions???

[secheltsaver]

I've been thinking about money lately,and reviewing our finances.We have a CMHC insured mortgage with a 40 year amortization,we are at the end of year 4.We've made a couple of lump sum payments,as well as monthly extra payments on principal and interest for most of the last 4 years.Our online mortgage statement looks like this:

Current Details Original Balance: $237,775.50 Outstanding Principal: $170,121.51 Original Amortization: 480 Actual Months Remaining: 228		Interest Details Interest Rate: 5.25% Accrued Interest: $120.48 Maturity Date: 27 May 2013 Mortgage Term: 60 months Mortgage Type: Fixed
Payment Details Payment Frequency: Monthly Payment Due Date: 26 May 2012 Regular Payment: $1,177.19 (includes principal & interest) HomeProtector® Insurance Premium: $ 113.35 ____________ Total Regular Payment: $ 1,290.54

I realise that there are/were better rates available,but this was the best we could do at the time,and I'm o.k. with the rate/term.Frankly,I was so stressed out at the time,I'm suprised the sale went through-we had a hard time getting house insurance and I almost gave up.
The stupid questions are these:
If we pay off the mortgage early(as intended),do we get a refund on a portion of our CMHC insurance (this happened with my tenant insurance when I cancelled)or is it a flat rate kind of thing?
And why does it say we owe what it does vs. the months remaining on the original amortization,which @$1177.19/month would equal $268399.32......is that for interest?
I'm having a hard time figuring out exactly how it all works,although I think we're on track-the plan is to pay it off before I "retire" in 2018,and sell it then for redevelopment.The zoning has changed since purchase(I knew it was going to)and it is now zoned multi-family(town house/condos).Redevelopment in this area will probably be slow,but in 5 or 6 years it'll be a prime spot(well it is right now,except for the house-anyone else woulda torn it down).In the meantime,we're going to ignore the 3 story condos(oboy 24 new neighbors)being built behind us and enjoy our garden and fruit trees here on the old homestead
Are we going to be able to pay it off in another 6 years if we keep going at the same rate?If not,what should we do differently?Any suggestions are welcome,and thanks in advance!

[i_forget]

This is not relating to your questions, but I noticed you are paying $113.35 for a Home Insurance Premium. Is this house insurance, or is this the additional insurance that they give you when you buy your house that covers you in case you have a maintenance emergency or something like that?

If it is the secondary insurance, I just wanted to say that I think the rate you are paying may be a bit high. I had that for a few months after my free term ran out and it was less than $30 a month and my house is OLD. I also found it a lot better to take that money that I was giving them and cancelling the policy and putting the money into a bank account to save for all home maintenance.

[MortgageQueen]

I've been thinking about money lately,and reviewing our finances.We have a CMHC insured mortgage with a 40 year amortization,we are at the end of year 4.We've made a couple of lump sum payments,as well as monthly extra payments on principal and interest for most of the last 4 years.Our online mortgage statement looks like this:

Current Details Original Balance: $237,775.50 Outstanding Principal: $170,121.51 Original Amortization: 480 Actual Months Remaining: 228		Interest Details Interest Rate: 5.25% Accrued Interest: $120.48 Maturity Date: 27 May 2013 Mortgage Term: 60 months Mortgage Type: Fixed
Payment Details Payment Frequency: Monthly Payment Due Date: 26 May 2012 Regular Payment: $1,177.19 (includes principal & interest) HomeProtector® Insurance Premium: $ 113.35 ____________ Total Regular Payment: $ 1,290.54

I realise that there are/were better rates available,but this was the best we could do at the time,and I'm o.k. with the rate/term.Frankly,I was so stressed out at the time,I'm suprised the sale went through-we had a hard time getting house insurance and I almost gave up.
The stupid questions are these:
If we pay off the mortgage early(as intended),do we get a refund on a portion of our CMHC insurance (this happened with my tenant insurance when I cancelled)or is it a flat rate kind of thing?
And why does it say we owe what it does vs. the months remaining on the original amortization,which @$1177.19/month would equal $268399.32......is that for interest?
I'm having a hard time figuring out exactly how it all works,although I think we're on track-the plan is to pay it off before I "retire" in 2018,and sell it then for redevelopment.The zoning has changed since purchase(I knew it was going to)and it is now zoned multi-family(town house/condos).Redevelopment in this area will probably be slow,but in 5 or 6 years it'll be a prime spot(well it is right now,except for the house-anyone else woulda torn it down).In the meantime,we're going to ignore the 3 story condos(oboy 24 new neighbors)being built behind us and enjoy our garden and fruit trees here on the old homestead
Are we going to be able to pay it off in another 6 years if we keep going at the same rate?If not,what should we do differently?Any suggestions are welcome,and thanks in advance!

It's hard to say if you will or not because it would be totally dependent on what lump sum payments you're making? If you make NO lump sum payments in the next year, you should roughly have a balance of $164,725.

That said your existing amortization is set at 19 yrs. . . .so if you continue at that payment, that's how long it will take.

You might want to consider refinancing now while rates are still at historic lows. You can call your Bank and ask them what your penalty would be as of June 1st (for example) Then it can be calculated what your savings may or may not be should you refinance.

I was curious as to why there was no breakdown into "interest" and "principal" payments on your statement. Lenders are required by Law to state those figures. . . ??

. . .and to answer your question, no, you will not get any rebate on mortgage insurance . . sorry