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Assume: House value 300,000
G4 f* _1 J9 V( D! K: y6 |% ` 10% down payment 5 @# f3 \, P1 `$ v( Y0 J
25 years mortgage (25 * 12 = 300 months)
, m2 H' z0 p f/ z0 W3 g; U rate 5.24' Y8 }# e; c m$ i2 ?9 W" K
7 q2 h/ P; ]' P4 f: u$ ~/ y: o5 Q0 |1.effective rate 0.43197466. V6 ^4 z s' L6 B) y& E
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
( |5 R6 k% t5 A9 B+ N5 ^ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
* ~5 D! C2 Z7 t! F' H0 H8 Y1 x7 K. W2.Adjusted mortgage balance8 k$ S5 r/ `+ g- P. A0 j: j
300,000 * 10% = 30,000 downpayment
2 `" Z9 K: w9 a! n g. ] 300,000-30,000 = 270,000 mortgage requried
9 B1 E+ l0 y7 ^; T! ? 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)9 Y9 v( R. g* F$ i- N; }; o
270,000 * 2% = 5,400; @* U$ {. k7 U6 [
adjusted mortgage balance: 270,000 + 5,400 = 275,400
6 G9 `+ @) S4 z3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment% i, K7 S. a& S; J/ D+ Z$ ^
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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