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Assume: House value 300,000 v; S+ G- E) y( k" `; c+ w
10% down payment - v1 M `! k# @2 {
25 years mortgage (25 * 12 = 300 months)$ l& y- `( ?- @9 X
rate 5.24! ? P8 f$ I: i5 _5 {
' p4 L5 f8 `, l" O1.effective rate 0.43197466( U' m4 }" e/ Y5 S5 ~4 }" z8 j
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
6 I# G6 u- b, ?1 d4 u 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466& n3 o# J; B/ Y) E
2.Adjusted mortgage balance! X. W) J6 s& b3 N+ a s
300,000 * 10% = 30,000 downpayment, q) U: m4 n0 Z( @0 z
300,000-30,000 = 270,000 mortgage requried" i$ v" [9 ?* C+ N p7 `
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)/ O, s; I( U! J" w% O$ s4 Y
270,000 * 2% = 5,400, C7 U& m! a9 u' o5 h- F
adjusted mortgage balance: 270,000 + 5,400 = 275,400
7 v; ^7 `, g; e, z% _3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment8 T+ K' j0 o$ y& f# }
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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