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Assume: House value 300,000
0 ?3 A% V1 q* D$ l; T2 _* n5 H- n 10% down payment * O3 |' B- \9 v2 f; {; J% t- f
25 years mortgage (25 * 12 = 300 months)
5 i+ |# c1 i5 d1 X* D# d; t rate 5.24
7 c- G0 P5 A* Q; x% c T9 ~9 A* o' f2 V+ |; ?0 X1 F
1.effective rate 0.431974668 q; i6 s0 S* ?$ V9 h) J! D( \
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
w3 N0 {/ t. `% S" Z- j5 V/ t0 m 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
, y9 F0 L1 e+ k1 E2.Adjusted mortgage balance: o- L+ S: t8 o+ j+ b: j
300,000 * 10% = 30,000 downpayment
7 J2 e$ r: ?9 Q% f3 h& t 300,000-30,000 = 270,000 mortgage requried' k) N1 L- g# J( i$ ?
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
' a( ^, Q/ @1 ], o% w _4 S& T+ q 270,000 * 2% = 5,400
1 B& N9 ~/ N7 [2 f* Q% q% ?5 h adjusted mortgage balance: 270,000 + 5,400 = 275,4008 P9 c6 J6 i4 L' i/ X- j9 ^3 T
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
- p3 [& T6 ^4 g# U$ F4. 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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