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Assume: House value 300,000+ @" }% [. t$ u) n
10% down payment 3 J/ B0 A6 q$ Z9 W6 o7 p3 W! n3 L$ Q2 i
25 years mortgage (25 * 12 = 300 months)1 q5 M/ A# M3 l% |9 ]6 w* N
rate 5.24
9 b* \4 `: V) Z$ @! x* w& j1 s6 }4 Y5 e9 N+ }4 o; ?+ S* x
1.effective rate 0.43197466
3 y) d8 s# x- D1 m) | in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. `8 r5 o. W0 E& a5 _1 | o6 ]0 r
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
1 t; S8 W2 G) E8 |! U" W/ |2.Adjusted mortgage balance2 E$ r4 x/ n0 ?* t
300,000 * 10% = 30,000 downpayment( R! @ E2 Z0 z5 j' s6 ~7 \0 U
300,000-30,000 = 270,000 mortgage requried2 N+ O. {6 e4 ~. I8 [4 u; d5 h1 H N
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)* {" q3 X* k# V' Q$ W) m3 ]
270,000 * 2% = 5,400
" K+ a& t; g! F! a* ] adjusted mortgage balance: 270,000 + 5,400 = 275,400& s5 g ~$ X( X
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment0 d, g9 Y1 C8 T& v! U: U
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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