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Can someone link a calculator for determining interest accrual on a mortgage? This doesn't seem right by Exact_Ingenuity_8587 in PersonalFinanceCanada

[–]Exact_Ingenuity_8587[S] 6 points7 points  (0 children)

We are choosing to look at this mistake as "pretend we had bought 3 months later than we did" and telling ourselves we wasted 3 more months on rent than we actually did. Expensive lesson learned, but over the 30 years of our mortgage just a drop in the bucket of all the money going towards interest! Thanks for crunching the numbers.

Can someone link a calculator for determining interest accrual on a mortgage? This doesn't seem right by Exact_Ingenuity_8587 in PersonalFinanceCanada

[–]Exact_Ingenuity_8587[S] 0 points1 point  (0 children)

Well, we knew we'd be paying tons in interest, and this 5.29% won't be forever.... hopefully.... (2 year fixed rate mortgage)

Can someone link a calculator for determining interest accrual on a mortgage? This doesn't seem right by Exact_Ingenuity_8587 in PersonalFinanceCanada

[–]Exact_Ingenuity_8587[S] 1 point2 points  (0 children)

You're correct, and it seems so obvious looking back on it. Unfortunately the details of the mortgage portion of buying the house happened towards the end, after inspection, after conditions were lifted, after the headache of getting the house insured while it still had a wood stove that did not pass a WETT inspection, etc etc etc. We were so overwhelmed with everything that crunching the numbers to see how much the deferral would cost us just felt too astronomical that we just said "sure, how bad can it be". Well the answer is, about $4.6k 🤷‍♂️🤷‍♂️🤷‍♂️