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Assume: House value 300,000( e3 ~# B% s' M7 Z. k
10% down payment # @5 g+ ^* ~- `5 }
25 years mortgage (25 * 12 = 300 months): F0 J! A, o( F" ?! @
rate 5.249 S. k" L0 Q/ W6 e; R
7 i3 f: I6 M/ v7 _. w# b
1.effective rate 0.43197466
$ j% D; U5 M; ~* h in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
4 E& S7 s( V9 V$ K; k 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466: y, c# Z x8 D% T( s1 T' H# s& k1 b
2.Adjusted mortgage balance
8 g) o3 m! L3 `$ X- y9 `0 ] W: w 300,000 * 10% = 30,000 downpayment: R) f; f0 }+ B" u' a! C
300,000-30,000 = 270,000 mortgage requried; j& L0 @" y a, |! P; k
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
; N5 @7 w# h% \# f1 T. U- d% Q. ?/ [ 270,000 * 2% = 5,400- E$ b. S, H: n) S3 B# H+ w
adjusted mortgage balance: 270,000 + 5,400 = 275,400
h: ?% L. |+ y. I: m3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment; y* ~( G$ |- R& e" g3 i& d
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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