[oread]

我的penalty差不多要6K，所以就不换了。

[不玩了]

现在CIBC
3年4，35
5年4，8
5月30日的RATE

[RayLee]

Thank you all for sharing the info. I really appreciate it.
A tough question: Assumptions: the Length of Mortgage is 15 years, 5 year fixed term, $250,000 mortgage, the rate remains the same for 15 years.
How much cash back with posted rate (6%) can be equal to the rate of 4.8%?

[小傻]

差小3万刀吧。

[RayLee]

Thanks, 小傻. If we consider only 5 year (since the first term is 5 year fixed, after that we should be able to re-do mortgage), is it about $10,000? I was offered up to 3% ($7,500) cash back for a 5 year term fixed rate mortgage (6%). Looks not a good deal?

[Python]

the best is 4.5%, do ur own calculation

[RayLee]

Wow, 4.5% for 5 year fixed term. Could you share some info with us? I am not a smart person, and can only do a rough calculation (I still think the exact calculation is quite complicated), but I know your 4.5% is excellent. Congratulations!

[小傻]

数据分析：

rate 6%
You will spend $25,315.70 on your house in year 1
$14,711.54 will go towards INTEREST
$10,604.17 will go towards PRINCIPAL

You will spend $25,315.70 on your house in year 2
$14,057.49 will go towards INTEREST
$11,258.21 will go towards PRINCIPAL

You will spend $25,315.70 on your house in year 3
$13,363.11 will go towards INTEREST
$11,952.59 will go towards PRINCIPAL

You will spend $25,315.70 on your house in year 4
$12,625.90 will go towards INTEREST
$12,689.80 will go towards PRINCIPAL

You will spend $25,315.70 on your house in year 5
$11,843.22 will go towards INTEREST
$13,472.48 will go towards PRINCIPAL

total interest paid for the first 5 years = 66601.26
total principal paid for the first 5 years = 59977.25


rate 4.8
You will spend $23,412.43 on your house in year 1
$11,745.55 will go towards INTEREST
$11,666.88 will go towards PRINCIPAL

You will spend $23,412.43 on your house in year 2
$11,173.05 will go towards INTEREST
$12,239.38 will go towards PRINCIPAL

You will spend $23,412.43 on your house in year 3
$10,572.46 will go towards INTEREST
$12,839.97 will go towards PRINCIPAL

You will spend $23,412.43 on your house in year 4
$9,942.40 will go towards INTEREST
$13,470.03 will go towards PRINCIPAL

You will spend $23,412.43 on your house in year 5
$9,281.43 will go towards INTEREST
$14,131.01 will go towards PRINCIPAL

total interest paid for the first 5 years = 52714.89
total principal paid for the first 5 years = 64247.21


讨论：也就是说五年下来，选6%将少付本金近4400，而多交了14，000的利息。

结论：要cash back 不合适.

[小傻]

最初由 Python 发布
the best is 4.5%, 。。

分享一下吧。

[RayLee]

最初由 小傻 发布
数据分析：

讨论：也就是说五年下来，选6%将少付本金近4400，而多交了14，000的利息。

结论：要cash back 不合适.

小傻, thank you so much. I agree with you. Maybe also need to consider interest earned from the amount of the Cash Back for 5 years, but still 要cash back 不合适!

[Python]

CIBC 4年4.2
RBC 5年4.5
HSBC 5年PRIME-1

[RayLee]

最初由 Python 发布
CIBC 4年4.2
RBC 5年4.5
HSBC 5年PRIME-1

Thank you, Python.

[hotswapping]

Python, I think waht you said is variable rate, not fixed rate. Right?

[Python]

fixed for first 2

[越来越傻]

最初由 Python 发布
fixed for first 2

Any contact info would be appreciated.