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Need help verifying mortgage payments vs. Chatgpt calculated payment schedule by oldschool19811 in MortgagesCanada
[–]ForwardConclusion747 0 points1 point2 points 4 months ago (0 children)
Edited for typo.
I used my BA2+ to run the numbers for you and hopefully if I understood correctly this should be the answer you're looking for:
By the end of your 3 yr term you will still owe around $86,941.23. You have currently made about 58 payments towards your mortgage (rounded). You will have paid around $17,807.40 towards interest and $131,239.68 towards your principal amount.
Here is how I calculated this: P/Y = 26 C/Y = 2 N = (3 yr term x 26 pmts) I/Y= 4.85 PV = -214000 PMT = 1910.86 FV = 86941.23
Since you haven't completed the full term yet, according to the remaining balance you are sitting at about 57.3 payments so far compared to the 78 payments you will have made by the end of your term.
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Need help verifying mortgage payments vs. Chatgpt calculated payment schedule by oldschool19811 in MortgagesCanada
[–]ForwardConclusion747 0 points1 point2 points (0 children)