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Assume: House value 300,000' G3 _9 m5 F. p7 Y6 I
10% down payment 8 Z1 R( K4 T/ H* ?! J
25 years mortgage (25 * 12 = 300 months) ]3 R. c, n" f+ z
rate 5.245 s+ ]4 V; U+ @
/ C' o5 v3 ]1 [( Y4 g
1.effective rate 0.43197466" t2 g& a6 H* x5 u; m) U
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
! `- w, h8 e3 U+ ^ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
0 E! D8 n5 [* Z+ p W2.Adjusted mortgage balance
- w/ y5 ~! } n+ Y& _: _ 300,000 * 10% = 30,000 downpayment; J6 c1 f9 L2 f0 [. m9 F9 @
300,000-30,000 = 270,000 mortgage requried# f+ W+ e3 I+ } G' D e
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
$ U5 d% G4 `1 @$ I: C- P6 j' m 270,000 * 2% = 5,400' N R( W; L9 l$ L% o" ?
adjusted mortgage balance: 270,000 + 5,400 = 275,400& L ~, A* u/ N2 v1 D" M
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
- K1 ~4 ]2 V9 r" o) o4. 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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