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Assume: House value 300,000
$ r- b& c; _; ]/ R 10% down payment
# }9 C! B. } l s 25 years mortgage (25 * 12 = 300 months)
% J* Q3 C! v# _; h1 Q' | rate 5.24
}, n3 j1 B5 Y! G/ k: {, E7 N7 \- G$ W# ^0 M1 g* e
1.effective rate 0.43197466, ]! s8 H: F! i5 o% Z1 L
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
2 u2 i8 M0 j N, R' y 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974662 a# L% ^1 F- u# e C4 {. K$ ~
2.Adjusted mortgage balance' L0 [. e' t7 \" M
300,000 * 10% = 30,000 downpayment
4 K) P5 W O6 O 300,000-30,000 = 270,000 mortgage requried, s& N; A. l& V
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)5 Q% z& k" B4 ?3 {" U# {" d3 [
270,000 * 2% = 5,400! p! x' e1 O8 R9 [
adjusted mortgage balance: 270,000 + 5,400 = 275,4006 N- }: O3 Z7 [: u; v- G
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
( d2 @: u5 c1 w& L8 C* X- d( P: Z4. 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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