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Assume: House value 300,000+ B' x& I6 |/ h8 |# Y0 B G" o
10% down payment ; }" o( e" S( s* D- W) a' g
25 years mortgage (25 * 12 = 300 months)
# l5 E8 M; z* a+ A1 Q rate 5.24
, A' W' _ V3 f8 \+ E) t2 F; s! a% b; T% M$ n' U" S) C5 a( v9 t
1.effective rate 0.43197466
: H) \' n4 P9 h8 g5 M. g/ r in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
5 B2 c3 V: |. J( P7 L8 |4 ^ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974661 \) ~1 O+ _3 T9 @ y+ s
2.Adjusted mortgage balance0 r( ~ |; W& ?2 n: u2 \
300,000 * 10% = 30,000 downpayment, q# W( f/ V! R
300,000-30,000 = 270,000 mortgage requried
1 K \ V. J4 ?% k/ ~2 L 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
9 y8 r7 f" Y6 @3 h: l 270,000 * 2% = 5,4009 }: N( O+ D" b- N$ W9 U9 j
adjusted mortgage balance: 270,000 + 5,400 = 275,400
3 z3 F: W7 y9 I( R8 M& o3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment( P7 W! A5 c" i0 @) t- _( o
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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