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Assume: House value 300,000
( u% |" I8 x) x/ w3 Q3 Q' V 10% down payment 9 a1 o. h( O* ]" p- \
25 years mortgage (25 * 12 = 300 months) `' ^ V4 S# u! G) O& b
rate 5.24
( j( K( f5 q4 Q5 J5 j3 h( B8 F
2 S+ z( f7 s9 @* M2 B- j& ]5 z* r1.effective rate 0.43197466
) k( k- U. R R in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
! S: F- O c5 z9 v3 P" h/ v( U 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
y) C; z6 ]& I$ x8 M0 w2.Adjusted mortgage balance& [0 F0 p3 t+ \1 C4 z% b
300,000 * 10% = 30,000 downpayment
& v- m* k/ p1 p( R7 L 300,000-30,000 = 270,000 mortgage requried
- `8 c% t7 P6 I1 S5 O: T& C 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)+ ^# g: g) s: z/ z$ S& }. t" L
270,000 * 2% = 5,400
9 V; ^1 J) K7 P& {2 c7 R adjusted mortgage balance: 270,000 + 5,400 = 275,400; ?. a" W8 G4 `0 x" I' t) M
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment+ n; b: q; p# r! B+ I
4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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发表于 2008-9-25 13:29
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