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Assume: House value 300,000" A; L; ~/ @+ N' s
10% down payment 6 Z$ R$ j7 q! D. Q& Y
25 years mortgage (25 * 12 = 300 months)
8 l0 M$ l5 \+ m% E c# h2 o rate 5.24
( U+ q" A( S. Y, Q1 Y- v' v# N
: `& H0 D+ W; v# ^' y/ H6 T1.effective rate 0.43197466
7 `- @! K& H" R in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ) k- d- p0 }1 X, l4 b
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
% p4 F- @8 c) Q. z& D9 o2.Adjusted mortgage balance6 q5 R1 \( { c3 ?. }3 @. l6 t
300,000 * 10% = 30,000 downpayment* W* X( j9 W* Q+ d* {
300,000-30,000 = 270,000 mortgage requried
/ \! M' Y; b% Z9 u2 k3 B6 @ 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
6 a: \% V* S5 D7 V. F# L 270,000 * 2% = 5,400: }. f0 B* d4 x" f% ]* ~# d7 N' Y1 n
adjusted mortgage balance: 270,000 + 5,400 = 275,4009 P) Z" Q/ e7 m
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment8 t X0 H' O8 y0 e
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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