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Assume: House value 300,000" n& R4 C( O# o8 t
10% down payment
7 R; O8 X4 Q1 A( f 25 years mortgage (25 * 12 = 300 months)$ y2 \5 H3 @" `
rate 5.24
/ w9 H% H0 t3 l3 g" t7 X( }+ `! U" { x; C' l% U
1.effective rate 0.431974663 ` |& a4 P; I7 m( o
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 2 J4 w- f: B' r; W
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466 q* L: j% ?; T
2.Adjusted mortgage balance5 P$ z; g5 n; Q- c5 q1 n
300,000 * 10% = 30,000 downpayment
2 w% p4 s5 Y% Y2 @) i 300,000-30,000 = 270,000 mortgage requried$ J1 @4 G$ p# [; X: j1 [
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)7 N' s' y0 l; _: g) A
270,000 * 2% = 5,400. T; F9 }( Y# k
adjusted mortgage balance: 270,000 + 5,400 = 275,400
6 {( I$ U. ]' j, T$ O; v# t: ^ s3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment/ h7 V0 f- N3 j; I
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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