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Assume: House value 300,000
9 M: _, D3 U4 U" Y 10% down payment ) V& g. D" s" ^ _ i2 O# O
25 years mortgage (25 * 12 = 300 months): k4 Y4 ^% }6 g, p6 h
rate 5.24& T6 w& o; ^" m
K9 P% U4 w' D8 @" q1.effective rate 0.43197466
s' a. o. \. ] in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
2 V+ m% J- Q/ |. {2 A 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
( e t2 I- X# u( Q3 L$ D2.Adjusted mortgage balance
) ^4 A0 A/ @1 L& l! Z 300,000 * 10% = 30,000 downpayment
: O' ~% a( |$ |# l1 j# H 300,000-30,000 = 270,000 mortgage requried. e, ]: Z0 D- u& j; a' c
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
6 T }8 Z, D% U |/ y! f 270,000 * 2% = 5,400
7 j# J3 C* F7 f B$ p4 b' y adjusted mortgage balance: 270,000 + 5,400 = 275,400' Y- Q& M6 [/ K9 C1 Z" E
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment$ ~3 [. N7 [4 K& S6 F
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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