Finance financing types: Difference between revisions
From wikinotes
Line 39: | Line 39: | ||
<blockquote> | <blockquote> | ||
<math> | <math> | ||
P = | P = L[i(1 + i)n] \div [(1 + i)n - 1] | ||
</math> | </math> | ||
Revision as of 15:13, 2 January 2023
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
P: fixed monthly payment L: principal n: term in months i: interest rate (ex. 5% is 0.05/12 == 0.00416Total Payback Amount
Interest Paid
I: total interest paid N: total payback amount P: principalFun 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