Finance financing types

From wikinotes


Information Sources

canadian HPI charted


canada gov: mortgage portal
canada gov: pay mortgage faster
york U: guide to mortgage calculation
investopedia: mortgage
khan academy: mortgage intro
khan academy: rent vs buy cost
khan academy: depreciation property tax
ontario 2021 property tax rates by municipality


Fixed Monthly Payment


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: 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: 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