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Assume: House value 300,0009 }- x8 D- Q M# l ^
10% down payment
^) A+ V) m, U2 Z% M& i 25 years mortgage (25 * 12 = 300 months)
3 T4 n0 Z, m2 d1 \# L rate 5.24, d' |( j" P1 r4 r) c9 M0 b7 D3 q9 W5 r
* [+ e- O8 i# q( J1.effective rate 0.43197466
, W5 ^3 ], H' y5 `& h# A in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 r& ]# ~2 P' {1 Z 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466( A0 G. }' a b/ V* x
2.Adjusted mortgage balance( Y. R$ V) ~/ k }8 s6 u+ c; U) k
300,000 * 10% = 30,000 downpayment
V9 p% n0 B2 G Q 300,000-30,000 = 270,000 mortgage requried: Z$ C) U3 D; Z, x" ~& C
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
3 m' N! u8 r4 B% D( r* a" |/ e 270,000 * 2% = 5,400
6 {! h% N2 N! I% S7 W adjusted mortgage balance: 270,000 + 5,400 = 275,400
& F8 p, L0 I, e, T. \3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
. }3 M" Q8 P, _3 _$ Y" ?4 v- b% T4. 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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