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Assume: House value 300,000
2 D* C2 [( A& W* f, i% w3 A# j 10% down payment
2 n8 e/ [' D0 @9 U# T 25 years mortgage (25 * 12 = 300 months)
0 o7 h. S0 J- g- g1 F4 k5 [2 i rate 5.248 i! W( k. k& ?- L3 v+ M* [
0 K! ]; {0 Q* @' L5 _6 W/ b
1.effective rate 0.43197466
! w5 ~' o7 r2 Z( ^ |% q, O in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 3 Q/ ?$ M! H* c( x
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466" O4 B7 g/ x* A7 D- Z
2.Adjusted mortgage balance
& Z1 z* V& K2 A 300,000 * 10% = 30,000 downpayment
' a) J& K q9 e! ^ v 300,000-30,000 = 270,000 mortgage requried3 ?9 y; |; t1 f+ |) w0 T
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)! F! J+ L+ p" H+ O
270,000 * 2% = 5,400/ G+ Z( I! ~# f! P, b5 t+ [! e2 v
adjusted mortgage balance: 270,000 + 5,400 = 275,4009 x3 L/ u8 p' ]% y; q( A# X9 X" i
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment7 \3 S% _5 z7 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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