精华 [问题] mortgage rate

本帖由 RayLee2003-05-11 发布。版面名称:我爱我家

  1. oread

    oread 新手上路 ID:161

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    我的penalty差不多要6K,所以就不换了。:(:(
     
  2. 资深爱地

    资深爱地 2002用户 ID:9 VIP

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    现在CIBC
    3年4,35
    5年4,8
    5月30日的RATE
     
  3. RayLee

    RayLee 知名会员 ID:1597

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    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%?
     
  4. 小傻

    小傻 Emeritus Chief 8 Gua ID:1499 VIP

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    差小3万刀吧。
    :)
     
  5. RayLee

    RayLee 知名会员 ID:1597

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    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?
     
  6. Python

    Python 知名会员 ID:6307

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    the best is 4.5%, do ur own calculation
     
  7. RayLee

    RayLee 知名会员 ID:1597

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    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!
     
  8. 小傻

    小傻 Emeritus Chief 8 Gua ID:1499 VIP

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    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.:)
     
  9. 小傻

    小傻 Emeritus Chief 8 Gua ID:1499 VIP

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    分享一下吧。:)
     
  10. RayLee

    RayLee 知名会员 ID:1597

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    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!
     
  11. Python

    Python 知名会员 ID:6307

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    CIBC 4年4.2
    RBC 5年4.5
    HSBC 5年PRIME-1
     
  12. RayLee

    RayLee 知名会员 ID:1597

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    Thank you, Python.
     
  13. hotswapping

    hotswapping 知名会员 ID:4515

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

    Python 知名会员 ID:6307

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    fixed for first 2
     
  15. 越来越傻

    越来越傻 三驴大学派湘君府 ID:3986

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    Any contact info would be appreciated.
     

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