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Assume: House value 300,000
. w2 O) ]4 R0 f+ R 10% down payment 1 F+ P9 \+ [3 P2 m( x) @" C
25 years mortgage (25 * 12 = 300 months)
+ Z% \7 z; D4 }0 ^4 x$ k rate 5.248 q; X! n& ?: Q. H, ]
# u& a: J& c& ]6 Z0 P4 h2 F1.effective rate 0.43197466
' P8 O" n. E; h0 f in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
" e+ N% q7 S% s! ? 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466! P2 L2 O: g, z& \6 |
2.Adjusted mortgage balance6 W" q! ^/ X- u! D) G
300,000 * 10% = 30,000 downpayment' Q! ^! Q1 v5 Z6 j# {2 V
300,000-30,000 = 270,000 mortgage requried5 P0 H: p9 Z3 {% |1 `% P' F
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)" [6 Z% c0 A% R3 q$ L6 x
270,000 * 2% = 5,400
* G% b( B7 {, a/ F adjusted mortgage balance: 270,000 + 5,400 = 275,400; a6 O4 j8 f. y4 P q' W
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
' C' p$ t. P, C8 X: ~) b4. 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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