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Assume: House value 300,000- } k' d1 U5 N8 k8 ]
10% down payment
8 r5 Y# R- w3 [2 J 25 years mortgage (25 * 12 = 300 months)
3 G# P$ N; b1 @6 u: R' W6 }" Y rate 5.24
4 x2 c, n7 N/ ?0 z& X2 i- ]! B
: J( S& ?! K- x, j8 m; v2 i5 Q9 V1.effective rate 0.43197466
6 l' Q# K: T6 Z8 H in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. \- R$ t" P" V6 E5 o
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
4 \+ C: q# H. H9 Q2.Adjusted mortgage balance
/ Q0 }8 Z" { p0 O I$ y& ^ 300,000 * 10% = 30,000 downpayment! ~" K( [/ p8 r* o0 q& G* c5 X
300,000-30,000 = 270,000 mortgage requried- k, l t# j) d, u7 k7 @: [
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)5 ^$ r+ f0 p% |7 Y2 a5 t# G, C# W
270,000 * 2% = 5,400
- `! q. }5 C6 G. m2 s adjusted mortgage balance: 270,000 + 5,400 = 275,400) e- D0 _2 P" Y7 P
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
+ \# e a! G& U/ Z/ N4. 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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