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Mortgage types
Has anyone ever looked at the difference between a cash-back mortgage and a regular one. I was just wondering if someone could help me crunch some numbers?
I am looking at: Mortgage of $165,000 Amatorization of 22 years Term of 5 years Interest rate of 5.25% OR Mortgage $165,000 Amatorization of 22 years Term of 7 years Interest rate of about 7.1% With 7% cash-back We would like to pay it off in 7 years and was just wondering if anyone could help with figuring out which one would be better and how much interest would be saved. I have been crunching numbers for weeks and to be honest, I need to know I am doing it right and maybe get some opinions of what to do. I thought the 7% cash-back could go directly on the principle. Anyone? :confused: |
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