Finance financing types

Mortgages

Information Sources

canadian HPI charted

https://housepriceindex.ca/#chart_compare=c11

Tutorials

canada gov: mortgage portal	https://www.canada.ca/en/financial-consumer-agency/services/mortgages.html
canada gov: pay mortgage faster	https://www.canada.ca/en/financial-consumer-agency/services/mortgages/pay-mortgage-faster.html
york U: guide to mortgage calculation	https://www.yorku.ca/amarshal/mortgage.htm
investopedia: mortgage	https://www.investopedia.com/terms/m/mortgage.asp
khan academy: mortgage intro	https://www.youtube.com/watch?v=vy_pvstdBhg
khan academy: rent vs buy cost	https://www.youtube.com/watch?v=YL10H_EcB-E
khan academy: depreciation	https://www.youtube.com/watch?v=QA2TBiIsdT0
ontario.ca property tax	https://www.ontario.ca/page/property-tax-0
ontario 2021 property tax rates by municipality	https://toronto.ctvnews.ca/five-ontario-cities-with-the-lowest-and-highest-property-tax-rates-revealed-1.5660362

Formulas

Fixed Monthly Payment

WARNING:

I'm getting weird results from this formula.
Multiplying the montly amount by the term, the payback amount is less than the principal.
Some sources use exponent for term, some multiply. Need a better source.

$P={\frac {L\times i(1+i)^{n}}{(1+i)^{n}-1}}$

P: fixed monthly payment
L: principal
n: term in months
i: interest rate (ex. 5% is 0.05/12 == 0.00416

Total Payback Amount

Interest Paid

$I=cN-P$

I: total interest paid
N: total payback amount
P: principal

Fun Facts

• Canadian mortgages compound bi-yearly by law
• Down Payments less than 20% require
  • Mortgage Insurance (protects the lender at your expense)
  • A term of 25-years or shorter
• In addition to the purchase price, you'll be charged a land registration fee (a percentage of your purchase price)
• You may need to purchase utility-hookup fees, painting/cleaning