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Assume: House value 300,000
. Y4 l9 y% `/ T8 Q 10% down payment
# h0 U8 F# _9 x/ ]8 | 25 years mortgage (25 * 12 = 300 months)
" P* M! L: ]1 m9 h+ I$ V7 w rate 5.24
. E; N" P4 S- ^: d; D/ M% c' K) I8 g5 N+ W9 g: c1 [
1.effective rate 0.431974667 g! v a2 j5 j5 o( w
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
0 y) F& r/ ^# S& w7 h 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
; b( V, g6 [. p7 ]' I2.Adjusted mortgage balance3 D/ s5 O; Q' H( Y0 [
300,000 * 10% = 30,000 downpayment( Y) t) o; `. r; d0 g( C3 Y5 L: r' \
300,000-30,000 = 270,000 mortgage requried0 @1 q2 W' o5 N5 u. }% P. C9 q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)- v: N! c+ u1 t+ A p6 p
270,000 * 2% = 5,400
0 A. N, f& L/ u adjusted mortgage balance: 270,000 + 5,400 = 275,400, U+ [6 o: o* Y; \9 p
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment! T( ^/ m7 Y/ o& e( G- V8 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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