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Check out this link, just googled "amortization table. First one and shows what you need..
http://www.amortization-calc.com/
You were talking about the interest being more at the beginning, well, yes it is. When you use this table, the results show you what part of your payment goes to the interest, what part goes to the principle and the total remaining to pay. And it shows you at the very top of the page to total amount you will have paid at the end.
When I got my mortgage, I did this calculation ahead of time so I would have an idea. I didn't know what my interest would be before I walked in the bank, but I guessed. The amounts the bank gave were pretty close to the table, so when I signed, I already knew what my payments would be and how much each payment would be going to the principle (which for me was the most important thing.) The only thing that didn't work in my favor was that I got the mortgage at a fixed rate in 2007 and 9 months later the crash came and interest rates fell. I was fixed at 6.19% for 5 years. I consoled myself with the thinking that cashing in RRSPs before the crash to get the mortgage, I came out ahead.
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I'm confused....is this a banking site?
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No, this is not a banking site. I'm sorry you are genuinely confused. Unless you were trying to tell the op in a snotty way that she shouldn't post anything non-daycare related. But who would do an a-hole thing like that?
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Great tips Guys, for everyone to think about when renewing their mortgage
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She posted under this and that? Meaning exactly that. Post anything that is this or that. Doesn't always have to be about daycare. If you want to reach out where you know you'll get help and good advice then that's what the this and that section is for :)
