Some of the blogreaders were concerned about their total commitment for either a 21 million borrowing or a $30 million dollar one. Some of the oldtimers like myself wanted to know how much interest one would have to pay over the full 25 year term Click on either chart to enlarge and you can see the total interest that will be repaid. (Please be seated with a beer in your hand when you view the interest total. )These charts come from the MFA website at http://www.mfa.bc.ca/amortschedules.htm
There is no magic, click on link, select term and plug in your principal amount and rate. The program will produce in seconds what the old grizzled bean counters used to take hours to produce.
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