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Originally Posted by ianathuth
It looks like you pay a lot less in interest payments over there but is 3% anything like representative?
Have a play around with the mortgage calculater on a site like www.halifax.co.uk to see some of the ways we do it over here. |
Well the US base rate is currently 1% so maybe Canada is similar. Here in the UK our base rate has just gone up to 4.5% and is predicted to be 5% by the end of the year.
Using the mortgage calculator at
http://www.nationwide.co.uk/mortgage/tools/default.htm for £200,00 0 over 25 years gives a basic quote of £1,185. 56 per month, Total Amount Payable £356,13 1.88 - meaning £156,13 1.88 is interest!