Finance financing types: Difference between revisions
From wikinotes
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= Mortgages = | = Mortgages = | ||
<blockquote> | <blockquote> | ||
== | |||
== Information Sources == | |||
<blockquote> | |||
{| class="wikitable" | |||
|- | |||
| canadian HPI charted || https://housepriceindex.ca/#chart_compare=c11 | |||
|- | |||
|} | |||
</blockquote><!-- Information Sources --> | |||
== Tutorials == | |||
<blockquote> | <blockquote> | ||
{| class="wikitable" | {| class="wikitable" | ||
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| canada gov: pay mortgage faster || https://www.canada.ca/en/financial-consumer-agency/services/mortgages/pay-mortgage-faster.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 | |||
|} | |} | ||
</blockquote><!-- Tutorials --> | |||
== Formulas == | |||
<blockquote> | |||
=== Fixed Monthly Payment === | |||
<blockquote> | |||
{{ WARNING | | |||
I'm getting weird results from this formula.<br> | |||
Multiplying the montly amount by the term, the payback amount is less than the principal.<br> | |||
Some sources use exponent for term, some multiply. Need a better source. | |||
}} | |||
<math> | |||
P = \frac{ | |||
L \times i(1 + i)^{n} | |||
}{ | |||
(1 + i)^{n} - 1 | |||
} | |||
</math> | |||
<syntaxhighlight lang="yaml"> | |||
P: fixed monthly payment | |||
L: principal | |||
n: term in months | |||
i: interest rate (ex. 5% is 0.05/12 == 0.00416 | |||
</syntaxhighlight> | |||
</blockquote><!-- Fixed Monthly Payment --> | |||
=== Total Payback Amount === | |||
<blockquote> | |||
</blockquote><!-- Total Payback Amount --> | |||
=== Interest Paid === | |||
<blockquote> | |||
<math> | |||
I = cN - P | |||
</math> | |||
<syntaxhighlight lang="yaml"> | |||
I: total interest paid | |||
N: total payback amount | |||
P: principal | |||
</syntaxhighlight> | |||
</blockquote><!-- Interest Paid --> | |||
</blockquote><!-- Formulas --> | |||
== Fun Facts == | == Fun Facts == | ||
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* You may need to purchase utility-hookup fees, painting/cleaning | * You may need to purchase utility-hookup fees, painting/cleaning | ||
</blockquote><!-- Fun Facts --> | </blockquote><!-- Fun Facts --> | ||
</blockquote><!-- Mortgages --> | </blockquote><!-- Mortgages --> |
Latest revision as of 16:24, 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
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: 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