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Assume: House value 300,000
. {9 }1 W2 T% c7 G+ ?& { ~& {" C 10% down payment
6 _9 l/ Z8 A" X' g7 U1 O1 r 25 years mortgage (25 * 12 = 300 months)
; v' i; v) Y3 J/ ? rate 5.24
1 h; n+ e1 R8 l* E
* m- o- V, J" f' }, n1.effective rate 0.43197466- y0 S' `1 s; H. E
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
: I) R4 ?7 d! S5 A* P o 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
% w/ k4 U$ A* l. o! M5 h2.Adjusted mortgage balance$ u/ i8 ?) i, u e" s6 a+ {& A
300,000 * 10% = 30,000 downpayment
* ~$ ^" l$ h3 z$ R1 K0 f 300,000-30,000 = 270,000 mortgage requried& T, n% [6 `0 `0 x! E8 c
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
( H# N" h' f! s% Y 270,000 * 2% = 5,400) [2 `0 V" c, I1 X }4 O) ?
adjusted mortgage balance: 270,000 + 5,400 = 275,4009 N9 |, A* w( _: k! K+ ^2 r
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
' O5 F2 z) i Y3 g* r0 k$ p/ v4. 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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