精华 [问题] mortgage rate

[oread]

嘿嘿，好消息！Prime Mortgage rate降了吗？

 

[oread]

唉，没用。利息降得越多，我的罚款越重。

 

[mega]

最初由 渐渐 发布
唉，没用。利息降得越多，我的罚款越重。

Shouldn't have the rate fixed for too long? your case, 5 years?

 

[shusheng]

But if you have a large principal, you better get fixed in long term, so
you won't suddenly need a large number of money. Does it?

By the way, when I told a friend in US, that the longest term we got is
only 5 year here, he's so supprised (appearently then have like 30 year
term). He asked what's going to happen, *if*, the rate was double or
trippled in, say, next 10 years? Is everybody going to lose their house?

 

[小帆]

最初由 小傻 发布
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,Please tell me how can you calculate these out. It's so helpful to manage my budget.

 

[oread]

It's called a mortgage calculator and amortization table. All banks provide this kind of online tools.

 

[oread]

http://www.mortgagecentre.com/yahoo/calc.cfm

 

[小傻]

最初由 渐渐 发布
It's called a mortgage calculator and amortization table. All banks provide this kind of online tools.

兔老猫了吧 ，还用绕道去银行，CFC 里就有mortgage calculator...see the following link

http://www.comefromchina.com/test/m...5&annual_interest_percent=6.5&show_progress=1

 

[oread]

你才TLM呢！张瑞文的这个兔家伙用的不是compound interest，也就是息上加息，是给咪国银用的。哼！

 

[mianfei]

UP!

any recent rate?

 

[oread]

In the past months, Bank of Canada has cut the rate twice, this means that the prime is now 4.5%.:banana: However the long-term mortgage rate has increased a little bit on the opposite.

 

[KuCaiHua]

The morgage rate is more corelated to the bond rate. As the stock market goes up recently, the bond yield has been up a lot, which means the morgage rate are up.
And most importantly, if the economic keep improving, the morgage rate will continue the up trend.

 

[oread]

Yes, mortgage rate has been coinciding with the 10-year bond. However there are speculations as whether or not the economy (US economy in particular) is actually recovering. I think it might take a while for Canada to act accordingly since Canada is in general more conservative.

 

[Dr_beer]

现在的利率如何了？哪里的最便宜？
我问了一个银行：
一年：3.3%
五年：5% (??? so higher?)

 

[cy25915]

最初由 Dr_beer 发布
现在的利率如何了？哪里的最便宜？
我问了一个银行：
一年：3.3%
五年：5% (??? so higher?)

Try ING direct