Now there is a difficulty here, a financial institution that compounds interest

daily is going to allow for the differeing length of each month and leap years.

I don't intend to do that, I will treat each year as comprising 365 days, and there being 12 equal months in a year.

I will do the 15 year loan for Kaitlyn credit union.

Interest rate

compounded daily, so the amount due after one year is

on the dollar so the annual equivalent rate is

.

The equivalent monthly rate as a percentage

is such that:

so:

So the outstanding debt after

repayments of

is:

,

where

is the loan amount. For a 15 year loan, the repayment period is 180 periods of a nominal month, and the outstanding debt is zero, so if the monthly repayment is

:

Solving this gives

, and to find the price of the property you need to allow for the deposit which will inflate this to:

(Note I would not normally count the deposit as part of the loan myself but then UK/US conventions on this may vary)

RonL